AN award winning and highly regarded estate agents in the Vale has given incite into the current state of the county’s housing market, saying right now people need to be realistic.

Chris Davies Agents, which heads in Rhoose, is a regular in the ‘best estate agents guide’.

Its latest owner, Mr Andrew Fenton has gone into detail about the state of the housing market in the Vale and there is probably not a more appropriate time to look at it after the Bank of England recently did the first rate cut since March 2020, taking interest rates down from five and quarter per cent to five per cent.

So, does this mean the housing market in the Vale is about to boom?

Mr Fenton said people looking to sell or buy will still have to be patient despite the rate drop.

“This year the market has stabilised,” said Mr Fenton, “as long as you are realistic you will sell you house.”

Why is there this need for house owners of the county to be realistic? Mr Fenton explains.

“Middle of 2020 to 2022 the market in the Vale was booming. We saw house price growth of 25 to 30 per cent in Barry and that Atlantic corridor.

“But in the last two years, prices have come back 10 to 15 per cent because that growth was never sustainable and that is the challenge for us as agents, to be realistic with advice.”

Mr Fenton says what makes Chris Davies’ agents so good is they treat each customer on a case-by-case basis – with care. To them, one brush doesn’t fit all.

“This industry gets more difficult as the year’s progress” said Mr Fenton, “but we still desire to offer that five star level of service.

“We treat our customers as people and tell them the good bits and the bad bits. We cannot tell our clients what their house is worth two years ago, but what it is worth now.”

Andrew Fenton, head of the award winning Chris Davies estate agentsAndrew Fenton, head of the award winning Chris Davies estate agents (Image: Google Maps/ Supplied)

So, what has seen the drop in price growth and what is the outcome for the Vale after the BofE’s rate cut?

“A couple of things has caused issue; Ukraine, energy prices going through the roof, interest rates. We have had a lot of negative things happening at the same time.

“People are more likely to stay put when it’s all doom and gloom. 2023 was very hard, but things have stabilised.

“The market is not stalling, but waiting for a little bump. Once that happens, I think prices will go back up.

“They’ll be slow growth for a period of time, but I think we will see steady growth moving forward.”