House prices

Conwy property prices: most expensive areas revealed

ANALYSIS of new figures reveals that Eglwysbach was the most expensive area in Conwy to buy a house in last year.

Zoopla said the data highlights the location of the housing market in England and Wales, with prices often reflecting the housing stock available in an area.

Data from the Office for National Statistics reveals that of the 38 wards in Conwy Council, Eglwysbach had the highest median house price in 2021 of £327,500.

Next come Betws yn Rhos (£297,500) and Caerhun (£285,000).

By contrast, the cheapest parts of Conwy to buy property were Llysfaen, which had a median house price of £130,000, Mochdre (£146,500) and Abergele Pensarn (£147,000).

The median – the middle number in a series – is used to ensure that the numbers are not skewed by extreme highs or lows.

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Meanwhile, the number of homes sold in Conwy has fallen from 1,596 in 2020 to 1,984 last year.

Last year, 8% of sales (165) took place in Llandrillo yn Rhos, making it the area most frequented by shoppers.

At the other end of the scale, Gower saw just 14 properties sold in 2021, earning it the title of the quietest area in Conwy’s property market.

The Center for Economics and Business Research said that after a period of significant growth during the pandemic, it expects house prices to come under downward pressure over the next year, due to strong increases. mortgage rates.

Karl Thompson, an economist at the think tank, said the biggest price contractions are expected outside London and the South East, leading to greater regional disparities in prices.

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The number of residential property sales in Wales increased by 23% to 43,557 between the end of 2020 and the end of last year.

Grainne Gilmore, head of research at Zoopla, said property values ​​vary widely largely due to differences in housing stock between areas – some neighborhoods will have a higher number of five-bedroom detached homes, while others will house more and smaller apartments. Properties.

But she said the difference between the most expensive and cheapest areas could start to narrow.

She added: “Demand for larger single-family homes during the pandemic has pushed up average home values ​​over the past year, while apartment price growth has lagged.

“But there are signs that demand for city center apartments is picking up, so we could see prices rising faster in that part of the market.”