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Spring Housing Market Kicks Into Action

With more sellers coming to the market and a slight increase in the average asking price, the April House Price Index shows growing confidence in the UK housing market. This is swayed by the non-mortgage dependent high end market. The mass market is still price-sensitive and activity is slower, particularly for first-time buyers and second-steppers. Read on to discover the latest facts and exclusive insights from our team. 

In Brief

Nationally the market has seen – 

  • The annual rate of price growth is up 1.7% – the highest level for 12 months¹.
  • The market is still price sensitive, with regional variations in demand¹.
  • There’s been a 12% increase year on year in new sellers coming to the market¹.
  • The monthly asking price rose by 1.1% in April 2024 – this is in line with the 10 year average¹.
  • The number of sales agreed in April rose by 13%¹.
  • Top-end properties are seeing the strongest start to the year in terms of price growth since 2014, but pricing and activity is slower in the mortgage-dependent sectors¹.
  • 64% of homes are in markets with price falls – down from 82% in October 2023².
  • The market is on track for 1.1m sales in 2024 – up 10% on 2023 figures².
  • 33% of buyers would consider moving out of the area to find their perfect home.²
  • Mortgage approvals have reached pre-pandemic levels again – the Bank of England has said there were 32% more mortgage approvals in February 2024 than a year earlier.² 

In terms of the Welsh property market –

  • The average house price in Wales is now £263,132, up 2.6% over the last month, and up 2.1% year on year¹.
  • The average number of days for a Welsh property to be on the market before a sale is agreed is now 76¹.

¹Source – Rightmove

²Source – Zoopla


Overall it has been a more buoyant start to the spring selling period than in 2023, with the average asking price up 1.1% this month to £372,324 (just £570 below the record seen in May 2023) and the annual price increase up by 1.7%.

While April 2024 continues to show returning confidence in the UK property market, it’s worth noting that it’s the high-end properties – that are not mortgage dependent – that are driving these increases. Further down the chain, the market continues to be price-sensitive, with activity slower in the first-time buyer and second-stepper sectors. 

What’s also been highlighted is a strong step up in the number of new sellers – up 12% year on year overall – and buyer activity is also rebounding with the number of sales agreed up 13% year on year. Again it’s the top end of the market where the number of new sellers is at its highest – up 18% year on year, with agreed sales up by 20% for these top tier properties. 

For the middle and lower end of the market  we are still seeing the impact of higher mortgage rates, meaning the market for certain properties and areas remains highly price-sensitive and operating at various speeds.

Also worth mentioning is that the number of sales being agreed is now level with pre-pandemic 2019 figures – a level achieved despite the more challenging economic conditions facing the majority of the market. While average property prices are 22% higher than five years ago, average wage growth of 27% has helped improve affordability for the market. 

In summary, while overall the first few months of 2024 have performed noticeably better than the same period in 2023, for the majority of the market realistic pricing suited to their local market is key, particularly for those who want to secure a quick sale.

Insight from Cardigan Bay Properties

We monitor the national House Price Index throughout the year to help you understand the latest trends in the market and how they impact your decisions when it comes to buying or selling. The national picture gives us a good overview, but we also monitor the situation here in West Wales, ensuring we can give you accurate local insights into the performance of the property market across our key regions. 

With a busy year of sporting events – the Euros 2024 and the Olympics in Paris – as well as a General Election and summer holidays, the latest figures suggest that both sellers and buyers are taking action before these major distractions start.

As a result, it has been a positive start to the year – particularly when compared to spring 2023 which was significantly slower. This month average asking prices are up slightly, and while higher mortgage rates continue to impact certain sectors of the market we are seeing a stabilisation of prices and together with some wage growth there appears to be more positivity in the West Wales market. 

Through April we have brought 19 new properties onto the market (up from 11 in April 2023), with five new property sales agreed through the month – up from three in April 2023. This follows on from a strong March 2024, which ended with 10 property sales agreed. 

The agreed sales continue to be for a range of properties, with the majority priced over £300,000 – a reflection of the overall picture that shows top end properties are performing well thanks to their limited reliance on the mortgage market. 

Generally, we are seeing more confidence in the market compared to last year, and while mortgage rates continue to be higher than a few years ago (the average five-year mortgage rate is now at 4.84% compared with 2.45% in April 2019), there is stabilisation in the market. 

Your Regional Insights

Read on for an overview of the latest House Price Index results for our key regions – Ceredigion, Pembrokeshire and Carmarthenshire. Please note, that each month these figures are two to three months behind due to the Land Registry taking longer to register new sales, so this report includes sales up to the end of February 2024.

To help you follow the trends for these regions, the graphs below show figures from July 2019 (pre-Covid pandemic) to February 2024


February 2024 saw a slight drop in the average property price in Ceredigion. The average property price in the area is now £248,227, down from £252,382 at the end of January 2024. When it comes to specific property types, detached houses now average £315,929; semi-detached average £210,365; terraced houses £182,252; and flats £119,943.

The yearly percentage change for properties in the region saw an increase of 3.5%, which follows an increase of 0.9% in January 2024. However, the average monthly change for the region was down 1.6% – with detached houses experiencing the largest monthly change, down 2%.

View the full Ceredigion report.


In Pembrokeshire the House Price Index Report shows a slight increase in the average house price – up to £227,062 in February 2024, from £226,712 in January 2024. This growth has been driven by semi-detached houses (average price now £202,267 compared to £201,175 in January), and terraced houses (average price now £170,211 compared to £169,884 in January). Both detached houses and flats saw a slight drop.

In terms of the yearly change, prices are down 3.5% year on year, with the biggest drop seen for terraced houses and flats. However, for the year on year monthly percentage change there is a 0.2% increase for February 2024 over February 2023, with semi-detached houses and terraced properties driving this growth with a 0.5% and 0.2% increase respectively.

View the full Pembrokeshire report.


Carmarthenshire saw a drop in the average price for all types of property in February 2024. This month the average property price fell to £195,802 – compared to £201,140 in January 2024.

The yearly percentage change for Carmarthenshire also dropped by 5.2% – the sixth successive fall. The biggest price drop was again in the flat/maisonette sector (down 6.9%), while semi-detached properties held up best with a drop of 4.5%.

Comparing monthly price changes, February 2024 showed a 2.7% decline overall, with the semi-detached sector again performing slightly better with a drop of 2.4%. This compares to detached houses and flats, which both fell by 2.9%

View the full Carmarthenshire report.


* As of February 2024, the average house price in the UK is £280,660, and the index stands at 147.2. Property prices have risen by 0.4% compared to the previous month, and fallen by 0.2% compared to the previous year.

*Details provided by the Land Registry. For more information on the House Price Index please CLICK HERE

Please note that the stats provided by the UK House Price Index are live and constantly evolving.