The Welsh housing market 2024 is starting to bounce back after a tough few years. House prices are creeping up, 1.3% up in early 2024, but still 3.6% down on 2022. Sales are starting to pick up with the recent drop in mortgage rates, now that the Bank of England have dropped rates and some lenders are offering sub 4% mortgages, which is good news.
But affordability is still tight due to high borrowing costs, although less so than elsewhere in the UK.
Demand is picking up across Wales, especially in areas like Cardiff and Pembrokeshire which are the better performing markets. Overall house prices are expected to grow faster in Wales than the rest of the UK, 21.4% over the next 5 years.
For renters the market is competitive, rental prices are still rising due to lack of properties, but the rate of growth will slow as affordability hits a ceiling.
Overall the Welsh housing market is trending up but affordability and supply issues remain.
What are the benefits of using a mortgage broker
Using a mortgage broker offers several benefits, especially if you’re not sure how to get a mortgage:
Access to more Lenders
Mortgage brokers have relationships with many lenders including those that don’t deal with the public. This means borrowers can access more mortgage products than they would find on their own, so more chance of a better deal.
Expert Advice
Brokers know all about the different mortgage products and can recommend ones that fit your financial situation. They can guide you through the process so you understand the terms, rates and fees.
Time
Instead of researching lenders and comparing rates and terms yourself, a mortgage broker does it for you. They gather and collate the options and present you with the best deals, saves you time and effort.
Personalised Solutions
Mortgage brokers can provide mortgage solutions to fit your financial situation, whether you’re a first time buyer, self employed or have unique financial needs. They can also help you with complex situations, such as poor credit scores which might limit your options with direct lenders.
Potential Savings
Brokers do charge fees but their ability to get you a competitive rate or exclusive deal can save you money over the life of the mortgage. They may also help you avoid certain fees or hidden costs that some lenders charge.
Less Paperwork
Mortgage applications involve a lot of paperwork. Brokers handle most of this, so forms are completed correctly and submitted on time, reducing stress and the chance of delays.
Ongoing Support
Many brokers offer ongoing support after the mortgage is arranged. They can help with remortgaging or refinancing when needed, so you can get better rates in the future as your financial situation or the market changes.
In general a mortgage broker can be a big help if you’re not sure how the mortgage process works or need a specialist mortgage product.