2022, like the two preceding years has been somewhat different to our version of normal and this has had a noticeable impact on the property market. In this article we will take a closer look at how the property market in Wrexham has fared in 2022 from both a sales and lettings point of view.
Wrexham Residential Property Sales
In 2022 the average sales price for a property in Wrexham was £186,387, with flats averaging £102,953 and houses averaging £194,120. When breaking this average out to individual property types and comparing it to Wales in general it can be seen that, on average property prices in Wrexham are lower than the average prices for similar properties across Wales
| Detached | Semi-Detached | Terraced | Flat/Apartment | |
| Wrexham | £297,865 | £174,946 | £136,609 | £102,953 |
| Wales | £319,65 | £193,198 | £147,323 | £131,916 |
Table 1: Average price of property in Wrexham compared to the rest of Wales
Despite the average values being lower than across Wales, the market in Wrexham has been buoyant. If we look at the same comparison but look at percentage price increase for each property type, it can be seen that flats and semi-detached properties have seen better than average price growth when compared to the rest of Wales, and the price growth for terraced and detached properties has still been very healthy. On average, across all properties sold, the annual increase in property prices was 4.7% for Wrexham.
| Detached | Semi-Detached | Terraced | Flat/Apartment | |
| Wrexham | 9.68% | 10.98% | 9.41% | 2.98% |
| Wales | 10.23% | 9.18 % | 9.67% | 2.06% |
Table 2: Average price growth percentage of property in Wrexham compared to the rest of Wales
There are signs of a slowdown in the market however and the number of sales going through has reduced from 192 per month in October 2021 to 76 per month in September 2022. Over the last 12 months there were 1506 property transactions in Wrexham compared to 2,074 for the 12 month previously which is a 28.31% drop year on year.
Interestingly, according to the data there were no new build sales in Wrexham in the last 12 months. Of the sales that did go through 30.8% were for detached properties, 36% for semi-detached properties, 26.8% were terraced properties and 6.4% were for flats or apartments.
All data used above was obtained from Dataloftinform.co.uk
Wrexham Lettings Market
The Wrexham lettings market has also been particularly active in the last 12 months, with an average rent across all property types of £672 being achieved which is a 2% change compared to the previous year. Breaking the average rent down by property type and again comparing to the average prices in Wales in general it can be seen that average rents in Wrexham are slightly lower than the Welsh average, but not by very much for larger properties.
| Detached | Semi-Detached | Terraced | Flat/Apartment | |
| Wrexham | £957 | £738 | £641 | £577 |
| Wales | £975 | £830 | £743 | £731 |
Table 3: Average rental price per property type in Wrexham compared to the rest of Wales
What is clear to see, though, is that the growth in rental prices across all property types has been buoyant in the last 12 months with detached property rental prices growing faster than the average across Wales. Overall rental prices in Wrexham grew by 9.2% over the last 12 months.
| Detached | Semi-Detached | Terraced | Flat/Apartment | |
| Wrexham | 11.55% | 8.51% | 8.01% | 8.18% |
| Wales | 7.79% | 11.29% | 10.98% | 8.73% |
Table 4: Average rental price growth percentage per property type in Wrexham compared to the rest of Wales
The age profile of those renting is also very varied and spans every age group but the overall average age of a renter is 37
| Age | 18-21 | 22-24 | 25-29 | 30-34 | 35-39 | 40-49 | 50-59 | 60+ |
| % of renters | 4.6% | 11.3% | 18.4% | 18.9% | 12.7% | 17.1% | 10% | 7% |
Table 5: Age profile of renters in Wrexham as a percentage of renters
In terms of the property types being rented, there is also a healthy spread
| Detached | Semi-Detached | Terraced | Flat/Apartment | |
| Wrexham | 14.5% | 20.1% | 21.6% | 43.8% |
Table 5: Profile of rented property types in Wrexham as a percentage of properties
All the data used above was obtained from Dataloftinform.co.uk
Local Wrexham Property Experts
Here at Northwood Wrexham, we are passionate about all things property! Trust the winners of Wrexham’s best letting and sales agents in 2022 with yours! When you talk to us about your property, you will be treated as an individual and supported with a personal service from a qualified property professional. Why not pop in to see us in our Wrexham office or take a look at our current properties for sale and rent. Our friendly experts will be happy to help you in any way they whether you want to buy, sell or rent a property in 2023. We look forward to hearing from you!
