MMP Coastal Offices, Annual Property Review 2023

The MMP coastal offices at Aberystwyth, Aberdyfi, Machynlleth and Tywyn have had another busy and interesting year with the usual varied market conditions, which for the most part have been far more challenging than they have for many years.

The housing market in early 2023 continued in the same form as in late 2022 with demand in all sectors and particularly strong with Buyers seeking work and lifestyle changes.

What was noticeable to a lesser extent earlier in the year but particularly more so as the year progressed was the lack of new instructions coming to the property market. Although this would be genuinely seen as a negative factor for property sales, it did at least help to hold prices to a level that did not show the large falls in value that some areas have seen further afield.

The recent introduction of a 150% increase in council tax payments for second homes in the area has had a significant impact on South Gwynedd. While it is not the initial 300% increase that was proposed, it is still a substantial increase of an already elevated council payment. Many property owners in the area are understandably worried about this development, as they have not purchased properties solely for rental income but have been homeowners for generations. They now find themselves possibly property-rich but cash-poor and must rely on holiday lets to maintain their homes.

These properties are now becoming very expensive to run and is a strong reality that many owners will look to sell and the chances of flooding the market through 2024 is a distinct possibility. Particularly as any further increase in council tax payments in the near future has not been discounted.

Upon examination of MMP's individual offices, the Tywyn branch had another successful year marked by consistency and a strong market, specifically in less trendy, more affordable coastal villages. Conversely, Aberdyfi faced more challenges in attracting Buyers due to the majority of potential purchasers being second homeowners.

Machynlleth office seems to have bucked the trend in 2023 still attracting many quality instructions from realistic Sellers seeking a competent sale for all sorts of genuine reasons. The most sought-after property appears to be the country home with either a large, manageable garden or fields (up to 3 acres). Outbuildings are always a big hit!                      

Aberystwyth office due to high employment and the University, the market held on to values very well, the lack of new instruction coming to the market was a contributing factor.  Investment properties attracted strong demand with student numbers and rents escalating sharply.

What is obvious In light of the current market situation is that having a team of qualified and seasoned professionals is invaluable during these challenging times to help Buyers and Sellers navigate through the buying and selling process with confidence.

For professional and qualified guidance, please get in touch with your local MMP Agent.