The Wrexham property market has shown dynamic trends in the past year, reflecting both national economic shifts and local preferences. This review, utilising insights from Dataloft offers an in-depth look into the property market trends in our local area for 2023.
Overview of Average Sales Prices and Values
Over the past 12 months, the average sales price in Wrexham stood at £183,344, contributing to a total value of sales amounting to £230,993,405. This figure gives us a glimpse of the active property market in the area.
Breakdown of Sales by Property Type
A more granular view reveals that 7% of these sales were flats, with an average sales price of £106,308. Houses, on the other hand, achieved a higher average price of £190,487. The highest value recorded by the Land Registry was £383,000 for a flat and a significant £1,300,000 for a house, indicating a market with a wide range of properties.
Rental Market Analysis
Shifting focus to the rental market, the average rent for homes let in Wrexham was £742 per month, marking a +6% change from the previous 12-month period. Flats comprised 32% of homes let, achieving an average rental value of £603 per month, while houses commanded a higher average rent of £814 per month. Notably, 21% of renters are aged between 25 and 29, a demographic that continues to influence the rental market significantly.
Population Dynamics and Housing Density
Wrexham’s population stood at 143,709 in 2021, having grown by 1.1% over the previous decade. The area’s population density, at 2.5 residents per hectare, exceeds the regional average. This demographic trend has direct implications for housing demand and development strategies in the area.
Age Demographics and Household Composition
The age demographic of 35 to 44-year-olds constitutes 12.4% of the population, surpassing the regional average. Additionally, household compositions are diverse, with 30.7% comprising single-person households and 37.8% including families with children.
Employment and Home Ownership Trends
A significant portion of the working-age population, 29.7%, is employed in Public admin, education & health sectors. Homeownership is prevalent, with 63.6% of residents owning their homes, while 15.8% live in privately rented accommodations.
Housing Stock and New Developments
Wrexham’s housing stock includes 61,716 dwellings, with flats making up 11.4% and houses 88.6%. Over the last five years, 1205 new homes have been built, averaging 241 per year. This steady growth in housing stock is crucial for accommodating the region’s growing population and diverse housing needs.
Outlook
The Wrexham property market in 2023 presents a dynamic landscape, characterized by a steady increase in property values, a vibrant rental market, and significant new housing developments. These trends reflect the region’s growing population, changing demographics, and evolving lifestyle preferences.
Are you considering buying, selling, or renting in Wrexham? Contact us for personalised advice and insights to navigate this vibrant market effectively. Our team of experts is ready to assist you in making informed decisions in your property journey.
