Wrexham: House prices could soar after city status gained
HOUSE prices in Wrexham could rise by over £20,000 over the next year after being granted city status.
Property website Boomin analysed local house price data for the nine towns across Britain to have previously been awarded city status during the Millennium competition in 2000 and the Queen’s Golden and Diamond Jubilees in 2002 and 2012.
The research shows that on average across these nine areas, house prices climbed by a respectable 12 per cent in the year that followed their new found city status.
Having obtained city status as part of the Golden Jubilee celebrations, house prices in Newport climbed 29 per cent over the following year, with Preston also seeing 26 per cent growth, while Brighton property values jumped 19 per cent in a single year following the Millenium competition.
City status could see over £23,000 added to the average property value in Wrexham and Bangor, Northern Ireland (+£21,990), with Dunfermline (+£19,534) and Doncaster (+£18,291) not far behind.
Michael Bruce, CEO and founder of Boomin, said: “There’s no doubt that city status will bring about a big boost to those towns due to benefit from the Platinum Jubilee celebrations, as this added layer of prestige is sure to attract more business and investment which, in turn, will help cultivate the local economy from the ground up.
“The knock on effect of this positive economic growth is sure to be greater demand for housing, boosting local property values in the process. In fact, based on the market growth seen across previous towns to receive city status, homeowners in the likes of Milton Keynes could find themselves considerably better off in just 12 months time.”