In Wales, securing a first home proves notably challenging for newcomers to the property market, a recent study by the Skipton Group Building Society reveals.
The report, which assesses home affordability, shows that six of Britain’s ten least affordable regions are located in Wales. This assessment considers local house prices and the average incomes of prospective first-time buyers.
The Welsh government acknowledges the hurdles these buyers face and has consequently extended the Help to Buy Wales scheme.
Particularly, Ceredigion and Powys emerge as the least affordable Welsh counties for first-time buyers.
With average house prices in Ceredigion at £236,000—surpassing the regional average—only a fraction under 3% of potential buyers in the area can afford to purchase a home.
Ceredigion, despite being one of the poorest regions in northern Europe, faces a significant disparity in wealth, according to Owen Shiers, a 40-year-old freelance musician residing in a social housing co-operative near Eglwys-fach.
Shiers, who has resigned himself to the idea of not owning a property, highlighted the stark economic divide between locals and wealthier newcomers from major cities.
Expressing his concerns, Shiers fears the broader cultural and social impacts, particularly on the Welsh language and the ability of young locals to remain in their birthplaces.
“It’s like watching a car crash in slow motion,” he describes, feeling powerless as the community changes irrevocably, forcing his own sister to relocate significantly due to unaffordable housing costs.
