Mon, 17 Feb 2025

Mon, 17 Feb 2025 House prices plunge in Welsh county as council acts on second homes

House prices in a Welsh county have fallen by more than 12% year-on-year, according to new figures.

* House prices in Gwynedd, north-west Wales have fallen by more than 12% year-on-year.
* This represents the biggest annual drop in any region in the Principality Building Society's Wales House Price Index.
* The average house price in Wales has remained broadly flat year-on-year at £233,194.
* The fall in value is attributed to measures introduced by Cyngor Gwynedd to crack down on second homes and holiday lets.
* These measures include requiring planning permission for non-residential use of properties and a 150% council tax premium on such properties.
* Local estate agent Dafydd Hardy describes the market as "mixed" with more properties coming onto the market due to local interventions, but notes that prices remain outside the affordability of local buyers.
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