Wales feels the price drop
House prices in Wales have been hit harder than anywhere else in the UK, the average price fell around 18% compare to around 6% for the rest of the mainland UK. If you look up the figures on House Price Spy you will see a dramatic drop in the last few months, while other regions like England and Scotland have seen a constant 3 month rise prices have plummeted to their lowest level since the recession began in 2008.
The reasons for this are many but the main one being that the traditional industries that the country have relied on have been hard hit by changes in consumer habits and the global economy downturn and eco/green concerns. Steel firm Corus has recently closed a furnace in Neath leaving many people unable to find work, this pushing the price down in the local area. This pattern has been repeated across Wales leaving in hardest hit, while confidence in the rest of UK Wales is still wondering how bad the credit crunch/recession can get.
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