Housing boom boost for town (From Barry And District News)

Housing boom boost for town

BARRY'S image has been given a massive boost after a survey revealed it is the tenth most expensive place to live in Wales.

An analysis of average house price rises in Wales, carried out by Halifax Estate Agents, revealed costs rose by 45 percent in just one year.

A property in the town will now cost an average of £127,027.

But while this is good news for homeowners who already have a foot on the property ladder, it is not music to the ears of first-time buyers.

Barry estate agent David Evans, who works for Peter Alan on Tynewydd Road, said the increase in house prices had been fuelled by the overheating of the Cardiff market.

He told the News: "I think the reason prices have shot up in the area is three-fold. We are seeing a massive increase in the number of people coming in from surrounding areas, because Cardiff prices are too high.

"We also have prices coming in line with the rest of South Wales, which has seen huge increases.

"And lastly, there are a lot more rental properties out there than for many years. I think we could be going back to the days when young people may have to rent when they first set out.

But he added: "On the plus side, estate agents can see the market levelling out. None of us have a crystal ball, but there doesn't seem to be a decrease on the horizon."

Managing director of Halifax Estate Agents, Jane Pridgeon, added: "House price growth in Wales has been one of the most rapid in the UK and it will remain strong over the coming year.

"We have said we expect it be around 14 percent in 2004 compared to an expected growth in the UK of around eight percent."