House prices fall at fastest rate in Neath Port Talbot according to LSL Property Services/ Acadametrics Wales House Price Index
AVERAGE house prices fell at a faster rate in Neath Port Talbot than any other unitary authority in Wales, according to the latest LSL Property Services/ Acadametrics Wales House Price Index.
The average price of a house in Neath Port Talbot has, according to the index, fallen 8.1 per cent from £109,011 in November 2011 to £100,201 in November 2012.
The news comes as developer Persimmon prepares to launch the first houses it has built in the Coed Darcy Urban Village site at Llandarcy.
Persimmon is opening the doors to its showroom at the site on Saturday where it is marketing a range of one-bedroom apartments, two and three bedroom houses and four and five bedroom detached homes with prices starting from £159,995.
Gerry Fox, head of sales for Persimmon Homes West Wales, said: "We are delighted with the on-going progress on site and we are very excited for people to see the showhome this weekend."
The average house price across Wales has risen £701 to £152,083 according to LSL Property Services/ Acadametrics.
The latest index has shown average prices in Swansea have risen 1.6 per cent from £146,822 in November 2011 to £149,200 in November last year.
During the same period in Carmarthenshire prices fell slightly by 0.3 per cent from £139,944 to £139,483.
Neath estate agent Gregory Williams said he believes the market in the area has levelled off after significant falls following the global economic crash of 2007-08.
Mr Williams, a sales advisor at Alison George estate agents in Neath, said: "Initially in 2007 when the market dropped for a couple of years prices were dropping rapidly but I would say houses we are selling here, over the last year to two years, have pretty much levelled out.
"The majority of houses we sell tend to be at the lower end of the market.
"I would not say they have dropped £10,000 in a year going by this office.
"People need to understand the market they are selling in.
"These are not 2007 prices but confidence seems to be back."
Oliver Blake, managing director of Reeds Rains estate agents which has branches in Wales, said: "Weak economic growth is limiting the amount lenders are willing to lend, particularly to lower income borrowers and first-time buyers — who they perceive as higher risk."
Principality, Wales's largest building society, has announced the launch of a 95 per cent LTV mortgage product to lend up to 95 per cent loan to value in a bid to help first-time buyers across Wales.