HOUSE prices in Wales continued to edge upwards in March, according to the latest Royal Institution of Chartered Surveyors (RICS) Residential Market Survey. However, short-term expectations for both prices and sales have declined, as economic uncertainty begins to weigh on market sentiment.

A net balance of 6% of Welsh surveyors reported that house prices were higher over the past three months—the first quarter of 2025—although the increase was marginal.

Despite the slight rise, confidence in the near-term outlook has weakened. A net balance of -24% of respondents now expect house prices to fall over the next three months.

Sales expectations have also taken a downturn. A net balance of -39% of Welsh respondents anticipate a fall in sales during the second quarter of the year, a significant drop from the 12% expecting growth in February.

The decline in optimism follows a fall in demand last month. A net balance of -25% of respondents reported a reduction in new buyer enquiries, while agreed sales also slipped, with a net balance of -7% reporting a fall—marking the second consecutive month in negative territory.

On the supply side, however, there was a more positive signal. A net balance of 24% of Welsh surveyors said there had been an increase in new instructions to sell.

Looking further ahead, the longer-term outlook remains more upbeat. Although the 12-month sales balance has now turned negative, a net balance of 33% of Welsh respondents still expect prices to be higher in a year’s time.

In the lettings market, a net balance of -17% of Welsh respondents reported a fall in tenant demand in March, while landlord instructions fell sharply, with -50% reporting a decline. Nonetheless, rents are expected to rise in the short term, with a net balance of 33% anticipating increases over the next three months.

Anthony Filice FRICS of Kelvin Francis Ltd in Cardiff said: “There are increased levels of instructions and a healthy level of viewings. Sales are being regularly agreed and vendors are increasingly taking advice on accepting offers.”

On the lettings market, he added: “There is a healthy choice of properties available, but with rising rents, tenants are taking time to select. The lower-priced properties are letting the quickest.”

RICS Chief Economist Simon Rubinsohn commented on the UK-wide picture: “The expiry of the stamp duty break was always likely to trigger a pause in activity. However, the latest results—and anecdotal evidence from respondents—suggest sentiment has also been dampened by the recent wave of negative macroeconomic news.

“Going forward, much will depend on the broader economic impact of the emerging trade war and how the Bank of England responds. While longer-term expectations remain relatively resilient, they could shift quickly if global headwinds intensify.”

WITHYHEDGE landfill site near to Haverfordwest has re-opened and has welcomed members from local community councils, county councillors, MSs and MPs, and local organisations including Spittal School, Haverfordwest Airport, and Pembrokeshire Association of Voluntary Services.

Withyhedge landfill site was closed temporarily between 15 May 2024 and 6 January 2025 to enable engineering, and infrastructure works to be completed to address odour issues.  Following a thorough investigation by the site owners and specialist geotechnical engineers, it became clear that the odour was due to the site receiving compliant waste that reacted uncharacteristically when placed in the cell. 

Site owners Resource Management UK Ltd (RML), in collaboration with landfill specialists and regulators, have implemented a series of comprehensive new measures to ensure there is no repeat of the odour event.

Currently the site is only accepting pre-qualifying materials from Dauson Environmental, but it is expected that the site will recommence the acceptance of third-party wastes later in the year should they meet the waste acceptance criteria.

RML Director David Neal said:  “Since the issues experienced last year, we have invested over £10 million at the site.

“This has included major improvements to the site gas management including the installation of an additional gas network, additional flares and enhanced monitoring and recording instrumentation.  In addition, we have reviewed and revised our waste acceptance and waste testing procedures to the satisfaction of the Regulator and to provide confidence and reassurance to the local communities that the chances of any reoccurrence of odour have been minimised as far as possible.

“In direct response to concerns raised by the local community, we have committed to funding an additional 12 months of static air quality monitoring at Spittal School. This monitoring, along with the air quality sensors around the perimeter of the Withyhedge site and those within the surrounding community, will enable RML and other stakeholders to effectively monitor and assess odours within the community.”

Mr Neal added “I would like to thank the local community for their understanding through this challenging time; we are a part of the community, and we want to continue to be a good neighbour.  We will continue with regular updates and more site visits later this year.”

Since the Withyhedge landfill site re-opened on 6 January 2025, NRW, has conducted several compliance visits and have undertaken inspections looking at incoming waste, on site processes and the effectiveness of the revised procedures implemented by RML. 

A NEW round of business grant funding has been launched to boost Pembrokeshire enterprises and help them grow and prosper.

UK Government Shared Prosperity Fund grants are now open and invite applications from the county’s entrepreneurs and companies.

Managed by Pembrokeshire County Council’s Business Development Team, the fund aims to foster a successful enterprising and entrepreneurial culture within the local economy.

Business Growth Grants of £1,000 to £32,500, Start Up Grants of £500 to £10,000, and Carbon Reduction Grants of £1,000 to £17,500 are open for applications.

The grants will be a contribution towards a business’ proposed scheme, with the applicant sourcing match funding of a minimum of 50% of the total sum from elsewhere.

Peter Lord, Business Support Team Principle Development Officer, said: “We have a diverse range of enterprises in the county which we are keen to support. These grants offer a welcome boost to help businesses grow and are part of our ongoing commitment to supporting economic development.

“The aim of the grant intervention is to strengthen local entrepreneurial ecosystems and support businesses at all stages of their development to start, sustain, grow, and innovate.”

The Pembrokeshire Business Growth Grant supports local businesses and inward investors to grow, prosper and be sustainable, creating and safeguarding jobs and therefore improving the local economy.

The Business Start Up Fund aims to support the creation of new enterprises, while the Carbon Reduction Fund provides capital support to businesses towards the purchase of renewable energy systems.

A new Micro Grant will launch in June, further details to be announced.

Grants will be open for applications until September 2025 or until the fund is fully allocated.

For more information, and to find out more about business support offered by the team, visit: Advice and support for your business – Pembrokeshire County Council