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EDITIONS
Thursday, 8 August, 2002, 13:24 GMT 14:24 UK
House prices continue to rise
Houses generic
Wrexham has become a regional hotspot
Rising house prices are making it difficult for first time buyers in north east Wales.

Carole Carr from Wrexham has been trying to put her first step on the property ladder for eight months.

She said the situation is proving extremely frustrating: "The house prices have got way out of hand.

"With the amount I can spend, it's not worth moving.

Graham Sargeant, Estate Agent
Graham Sargeant says houses are selling quickly

"It makes you panic, I saw one house which needed a lot doing to it and I thought: 'Shall I buy it just so I'm on the property ladder?'"

The 40-year-old social worker said she is getting disheartened by the situation.

"There was one house that went up for sale and I went to the estate agent the day after but they told me there had been cash offers made already."

Figures announced by the Land Registry on Thursday show the region's house prices have increased by between 10-15%.

Denbighshire
Detached - �107,646
Semi-detached - �62,004
Terraced - �47,834
Flat - �33,845

They also show that Wrexham has become the hotspot of north east Wales, out-selling Denbighshire and Flintshire.

Last week, Wrexham estate agents Thomas C Adams sold a property in the town in 24 hours.

Graham Sargeant, manager of the branch, says there is a simple explanation.

"People move into Wrexham from all over the country now and the Chester business park has broken down the England/Wales barrier.

Flintshire
Detached - �124,910
Semi-detached -�61,952
Terraced - �52,233
Flat - �61,707

"People can buy properties in Wrexham more cheaply than in areas of Cheshire."

He added: "The villages of Gresford, Marford and Rossett are on the edge of Cheshire and that is where we have seen the highest increase."

The average detached house in Wrexham is �125,513 compared to �124,910 in Flintshire and �107,646 for a similar property in Denbighshire.

Mr Sargeant said the majority of people in the area are snapping up new housing developments.

Wrexham
Detached - �125,513
Semi-detached - �65,878
Terraced - �52,300
Flat - �44915

"New houses are selling like crazy - most are selling six months ahead of development."

Housing experts predict there will not be a boom and bust situation as there was in the early 1990s.

During 1988, many people were buying houses which they could not really afford, and Mr Sargeant said it had been a crazy situation.

"During that time it was frantic and houses at this branch were in short supply - we went down to single properties.

sold sign
One house sold in 24-hours

"Now we have about half the amount of properties going on sale each week compared to what would normally be available."

Estate agents across the region claim that they have not witnessed people gazumping each other to obtain property.

They claim this provides evidence that people are not panic buying.

Mr Sergeant added: "I would expect a slow-down eventually.

"People's incomes will dictate that they cannot borrow any more money towards their mortgages."

However, Ms Carr said she would continue renting but might be tempted to invest elsewhere.

"It's getting to the stage where you think about getting a holiday home instead - which isn't good for the British economy."


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