House prices continue to rise in Barry area (From Barry And District News)

House prices continue to rise in Barry area

BARRY is bucking the national trend as house prices continue to rocket.

According to figures published by the Land Registry, the Vale of Glamorgan is basking in a 21 percent increase year-on-year from April-June 2003 to April-June 2004.

The average price for home in Barry is now £156,882, up from the £129,198 of last year.

The Vale's hike in costs is higher than Cardiff's properties - only up by 13 percent to £158,177 from £139,644.

The average price of a Barry home is now just £1,295 behind the average Cardiff price.

Peter Alan's Barry branch manager David Evans is optimistic: "The prices have risen steadily in Barry over the last five years. People from all over the region, Cardiff and Penarth in particular, now realise Barry is a desirable place to buy property.

"We are seeing a levelling out of prices, but not a slow-down as such. We have a healthy economy and I think it would take something drastic to bring about the bust that economists have warned about."

But this also means first time buyers are finding it hard to get a foot on the property ladder.

David Evans added: "It is frustrating for young people trying to find a way in. But more mortgage lenders are taking this into account and are become flexible about groups of friends buying a house between them. It's a good way to start."

And the Principality is still outperforming parts of England in the property stakes.

While the North-West of the country enjoyed a similar rise, the South-East of England has seen increases of just 9.7 percent, indicating a slow-down.

But David Evans insists that houses are still where the action is: "More people are realising that in the current seller's market, investing in property is the smartest move you can make."