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Wales most consistent for house price rises

Wednesday, 25 January 2012 9:31 AM

House prices in Wales rose for the sixth month in a row in November but the market is becoming increasingly unbalanced, according to LSL/Acadametrics.

Their latest house price index shows that the principality is the only part of England and Wales where prices have risen so consistently. The 0.3 per cent rise in November and 0.7 per cent increase over the last 12 months also makes it the only region apart from London to see an annual increase.

However, estate agent Reeds Rains, part of LSL Property Services, says the headline figures obscure the fact that it is wealthier buyers, cash-rich investors and retirees who are pushing up prices.

Managing director Nigel Favas said: "But it's a less happy tale for first time buyers. They are stuck out in the winter cold because they don't have the cash or the equity to secure a mortgage.

"Paltry savings rates make building a deposit a Herculean task for first time buyers. On top of that, banks are now demanding big deposits for affordable mortgages."

He said the result was a disparity between high prices for detached and semi-detached property and low prices for flats and the imbalance was set to continue in 2012.

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