Landlords throughout the UK have faced a tough time over the past year, but those in Wales have been hit the hardest. Land Registry released figures showing the fall in the values of homes, which was around 5.6 percent in UK compared to Welsh towns and regions which suffered a 20 percent drop. A case in point is Neath, Port Talbot, where house prices fell by 18.7 percent. Homes in rural areas of Wales are commanding £20,000 lower than what it was just a year ago.
The rising unemployment has had a negative impact on the Welsh residential property sector as compared to other parts of UK. Port Talbot experienced severe recession with the closure of a major steel blast furnace.
Apart from these, other areas like Carmarthenshire also saw a decline of more than 11 percent, bringing about an average loss of £14,000 for landlords and homeowners. Houses in Wales that were going on sale also saw a 20 percent drop in their value. It will be some time before the property market gets back on its feet both in England and Wales!
