A SLOWDOWN in demand in the housing market in Wales is leading to a cautious outlook amongst surveyors for the final quarter of the year, according to the latest Royal Institution of Chartered Surveyors (RICS).

A net balance of -43% of surveyors in Wales reported that new buyer enquiries fell through September which is the lowest this balance has been since October 2023, and the lowest balance across all the UK regions.

As demand is falling, supply is rising. A net balance of 31% of Welsh respondents reported that new instructions to sell increased in the most recent survey.

However, with limited demand, it is unsurprising that sales were reported to have fallen broadly flat through September. A net balance of -3% of surveyors in Wales noted that sales had fallen, down from +28% in August.

And this may be weighing on surveyors’ outlook for sales over the next quarter. A net balance of -10% of Welsh surveyors anticipate that house sales will fall through Q4.

Regarding pricing, respondents in Wales report that prices fell broadly flat through Q3. On the outlook, a net balance of -30% of Welsh surveyors expect prices to fall over the next three months.

Looking at the lettings market, a net balance of 67% of survey respondents in Wales noted a rise in tenant demand, whilst a net balance of -40% of Welsh surveyors noted a fall in landlord instructions. This has led to a net balance of 67% of surveyors expecting rents to rise through the final quarter of 2024.

Commenting on the sales market, Anthony Filice, FRICS of Kelvin Francis Ltd, in Cardiff said: “Appraisals and instructions are strong and if realistically priced, in the middle to lower price bands, are selling. Above £800,000 and especially over £1,000,000 are slow, we suspect, waiting on the result of the Budget. Some vendors are still asking too much and ending up with even less.”

Tim Goodwin, AssocRICS of Williams & Goodwin The Property People in Gwynedd added: “There has been a noticeable increase in sales falling through in recent weeks not helped by the implementation of Article 4 Planning controls over holiday lets and second homes.”

Discussing the lettings market, Paul Lucas, FRICS of R.K.Lucas & Son in Haverfordwest commented: “Availability of rentals is scarce as landlords and second home owners retreat from the market in the light of new government legislation. Demand is high and according to standard economics principles, rents are increasing – at the present time, mostly due to government intervention.”

Commenting on the UK picture, RICS Head of Market Analytics, Tarrant Parsons, said: “The latest survey results once again convey a brighter picture for housing market activity, with the recent easing in mortgage interest rates continuing to support a recovery in buyer demand.

“Critical for the outlook, a further unwinding in monetary policy is anticipated over the months ahead, which should create a more favourable backdrop for the market moving forward. In keeping with this idea, forward-looking sentiment data from the survey points to sales volumes gaining impetus, both in the near-term and over the next twelve months.”

AT a workshop held recently in Pembrokeshire, leaders from key industry organisations across the Port of Milford Haven came together to discuss ways to maximise efficiency and improve the Authority’s service reliability for international energy customers using the port.  

Hosted by the Port of Milford Haven, the initiative brought together senior leaders from the oil and gas sector as well as service providers integral to the port operation including shipping agents and tug operators; each of them recognising the need for greater collaboration to address shared challenges.  During the week-long event, delegates took part in a number of collaborative workshops that focused on maximising the Port’s customer service provision, while ensuring the highest levels of safety and operational reliability. 

In order for the Port of Milford Haven to deliver a year-round, safe, efficient and integrated port service, participants agreed to support a number of actions including data exchange, resource allocation – covering both people and assets – and technological innovations.   

One of the key outcomes of the discussion was agreement for all organisations to work towards a set of principles, key to ensuring the long-term success of the Port:

• Partnership Working: Collaborating to challenge current thinking, fostering innovation and continuous improvement 
• Maximising Safety: Operating to the highest safety standards whilst using an analytically-based, dynamic and responsive marine risk process 
• Enhancing Reliability of Service: Developing a transparent, optimised and integrated port coordination and planning environment that maximises the reliability and availability of the port 
• Sustainability: A pan-port, long-term commercial view that secures the future prosperity of each of the businesses operating within the Port of Milford Haven, their communities, and their environment. 

Tom Sawyer, Chief Executive at the Port of Milford Haven, said: “As the UK’s leading energy port handling or processing around twenty percent of the UK’s energy needs it is critical to the resilience and security of UK energy that we provide a port service that is safe, reliable and efficient 24 hours a day, 7 days a week, 365 days a year.  

“Safely manoeuvring some of the world’s largest ships onto their berths within the Port of Milford Haven requires precision coordination of multiple resources.  During much of the year this happens seamlessly but we recognised that more winter resilience was needed and these workshops and the Port’s investments made this year in extra pilots, pilot boat crews and pilot boats will improve this. By working collaboratively with our customers and other service providers we are confident we can retain an excellent year-round reliable service.” 

AMENDMENTS to a trout fishery holiday chalet scheme, which was granted by Pembrokeshire councillors last year after being repeatedly recommended for refusal, have been given the go-ahead by county planners.

Last summer, Pembrokeshire councillors backed plans for holiday chalets at a trout fishery, despite them being recommended for refusal on multiple occasions.

Plans to provide nine accommodation cabins and ancillary works at a former fishery business at Millbrook, Manorwen, Fishguard, were backed at two meetings of Pembrokeshire County Council planning committee, despite them being recommended for refusal.

The application was backed for a second time at the committee’s May meeting, after a ‘minded to approve’ decision at the previous meeting.

The decision, a departure from the adopted Local Development Plan, meant the application would need to be referred to full council for a final decision.

Officers had repeatedly recommended Messrs L & C Williams’ application – diversification of an existing agricultural holding and trout fishery business – be refused on the grounds it would have an unacceptable adverse impact on the character and appearance of the countryside.

The application was then backed at the July 2023 meeting of Pembrokeshire County Council, despite a recommendation that the council did not endorse the resolution of the planning committee on the grounds it went against Development Plan policies which directed that planning permission should not be granted.

The applicants have now submitted amendments to the granted scheme, asking for revisions to the plans to include a lower carbon footprint through for both heating and hot water and the use of solar panels, along with larger decking areas and hot tubs to lodges.

The changes, recommended for approval at the October 8 meeting of Pembrokeshire County Council’s planning committee, also includes making thee lodges disability-friendly.

An officer report ahead of the meeting says: “The proposed amendments are essentially refinements to the approved scheme, enhancing accessibility, increasing the use of renewable energy; and improving the facilities offered by the scheme for visitors. Officers consider that environmental, social and economic benefits will accrue from the proposed revisions to the approved scheme.”

The recommendation for conditional approval was moved by Cllr Brian Hall, who said: “I’m more than happy to recommend this amendment.”

He was seconded by Cllr John Cole, who said: “It’s a rejigging which will make the site more accessible for people with disabilities.”

The application was unanimously approved.