Gwent has two extremes of housing market - study (From South Wales Argus)

Gwent has two extremes of housing market - study

6:10pm Thursday 30th September 2010 in News

MONMOUTHSHIRE has the highest average property value in Wales while Blaenau Gwent is home to the poorest housing market in the country, according to figures from a property website.

The study by Zoopla.co.uk shows the average house price in Monmouthshire is currently £224,535, more than £72,000 higher than the average Welsh house price which stands at £152,188.

In contrast, the average house price in Blaenau Gwent is £79,898, more than £72,000 below the national average.

Caerphilly, Torfaen and Newport also feature in the top ten poorest housing markets of Wales with Caerphilly named as having the fifth lowest average house price at £124,275.

Torfaen is named as the sixth poorest housing market with an average house price of £130,390 while Newport is the eighth poorest housing market where the average house is priced at £142,225.

Estate agents in Monmouthshire said the high house prices were due to the borough being an appealing place to live but said it also meant people were struggling to get onto the property ladder.

Liz James, office manager at Julian Dyer estate agent and chartered surveyor in Abergavenny, said: “It is a different story elsewhere but I know it has been quiet here as there are just too many houses on the market now and not enough buyers. People just can’t afford the huge deposits."

But sole principal at Gregory and Phillips, in Abertillery, Rod Davies said getting a mortgage was still an issue for people in Blaenau Gwent despite the lower house prices.

He said: “A high unemployment rate means we have an older housing stock and there is a reluctance for people from outside to move into the area."