Conwy property prices in freefall

Dec 4 2008 by Judith Phillips, North Wales Weekly News

Property freefall

PROPERTY prices in Conwy county have plunged more steeply than anywhere else in England and Wales, according to Government figures.

The county has seen an annual price fall of 12.9% compared with only -2.4% in Bridgend in South Wales and -1.3% in Blaenau Gwent, according to figures from the Land Registry.

And estate agents say they believe the current price drops to be even greater, averaging between 15%-20%.

“Although these figures look bad it must be borne in mind that property prices rose faster here in the boom years than anywhere else in Wales because we had a huge influx of people from outside the area because it is such a desirable area,” said Elaine Fletcher of Conwy estate agent Fletcher and Poole.

“There was also a high demand for properties as second homes and the buy-to-let market. Because prices rose so steeply they have also fallen steeply, but I honestly believe things are levelling out now, and in fact this November has been busier in terms of sales than November last year.”

Her theory was supported by Iwan Williams, who owns a Llanrwst estate agency.

“When prices in an area rise quickly, they go down quickly and that is what’s happened here, but I believe we have now experienced the bottom of the market. November has been busier than the previous November and the signs are that December will also be a good month for sales.

“People with money available are getting good bargains at the moment as prices on average are down 15%-20% on last year,” he explained.

But a couple who put their Conwy Valley house on the market 18 months ago for £550,000 say it hasn’t sold, even though they’ve reduced the price by £80,000.

“And there are no signs of a sale at the moment. We’re beginning to wonder if we’re ever going to sell it,” said the husband.

A businessman whose house in Deganwy’s exclusive Gannock Park is for sale at £650,000 says that rather than wait for the market to improve he is going to rent it out and move into a smaller property.

“I’ve been advised by the estate agent to drop the price but I’m not willing to do that. I’m going to sit it out and wait for the market to pick up,” he said.

judith.phillips

Have you experienced similar problems selling your home, despite dropping your price? Get in touch with us via news.desk@northwalesnews.co.uk