Business
House prices in Pembrokeshire dropped by 5.2% last year, says report
PRINCIPALITY Building Society’s House Price Index for the fourth quarter of 2023 has laid bare the shifting landscape of the Welsh housing market.
According to the comprehensive report, covering the period from October to December 2023, a significant downturn in house prices has been noted across Wales, painting a concerning picture for homeowners and investors alike.
At the forefront of this decline is Pembrokeshire, which has seen a sharp decrease of 4.2% quarterly and 5.2% annually, bringing the average house price in the region down to £246,329.
This downturn is not isolated to Pembrokeshire, as the average house price across Wales has fallen to £234,086 by the end of 2023.
This figure represents a 6% – or £15,000 – decrease compared to the same period the previous year, when the peak price stood at £249,076.
This decline marks the largest year-on-year drop in Wales’ average house price since the aftermath of the Global Financial Crisis in 2009.
However, it’s worth noting that despite this downturn, house prices are still 25% higher than they were five years ago.
The report further highlights that out of the 22 local authorities in Wales, property prices in 18 have seen a decline compared to the previous year.
The transaction volume in the housing market also reflects this downward trend. There were just under 9,700 transactions in Q4 of 2023, which, while only slightly lower than the previous quarter, represents a significant 20% decrease compared to the same period a year ago.
This data from the Principality Building Society’s House Price Index provides a crucial insight into the current state of the housing market in Wales.
It underscores the volatility and the changing dynamics in the real estate sector, which continues to be an area of concern and interest for homeowners, buyers, and investors across the region.
As the Welsh housing market navigates through these turbulent times, the impact of these changes will be closely monitored by all stakeholders involved.
Business
Tata Steel Sticks to job cut plans despite Welsh pressure
IN an intense and pivotal meeting in Mumbai, Tata Steel firmly reiterated its decision to cut 2,800 jobs in the UK, primarily impacting the Port Talbot site, despite urgent appeals from Welsh First Minister Vaughan Gething. Mr. Gething, who recently met with senior executives, expressed his disappointment at the firm’s unwavering stance unless there’s a shift in the UK government.
Despite these challenging circumstances, the First Minister underscored his commitment to protect jobs and prevent compulsory redundancies across Welsh sites. This dialogue comes as Tata plans to close both blast furnaces at Port Talbot by September, replacing them with a greener electric arc furnace by summer 2025, which promises to preserve thousands of jobs and reduce CO2 emissions significantly.
The Welsh Conservative leader, Andrew RT Davies, criticised Mr. Gething’s approach, suggesting that while the UK government has offered substantial financial aid, the Welsh government has only funded the First Minister’s travel to India. He accused Mr. Gething of “globetrotting” at a time of domestic scrutiny over controversial donations to his Welsh Labour leadership campaign.
Mr. Gething defended his trip, stating, “How can I sit at home and not be here in Mumbai, fighting for thousands of workers’ jobs?” He highlighted the potential of a change in leadership, with UK Labour leader Sir Keir Starmer poised to possibly become the next Prime Minister, which he believes could usher in a new era of capital investment for the steel industry.
Amid the uncertainty of an upcoming general election, possibly scheduled between October and January, there is concern that any governmental changes may arrive too late to alter Tata’s current trajectory. Tata CEO TV Narendran described the discussions as productive but maintained the company’s strategic direction, emphasizing their commitment to a sustainable future in the UK steel industry.
The GMB union and members of the Community steelworkers’ union have voiced strong opposition, with recent votes favouring industrial action against the restructuring plans. Plaid Cymru’s economy spokesman, Luke Fletcher, has called for the nationalisation of the steel industry, labeling Tata’s current worker treatment as “appalling.”
Meanwhile, both parties acknowledged areas of mutual benefit, such as potential investments around Port Talbot and collaborations with Welsh universities on green steel production. The First Minister also highlighted opportunities linked to the Global Centre of Rail Excellence near Neath, with Tata considering a formal agreement.
As Mr. Gething returns from Mumbai, the situation remains tense, with the future of many steelworkers hanging in the balance and the Welsh and UK governments at odds over the best course of action to mitigate job losses and transition to sustainable steel production.
Business
Port welcomes first vessel to new workboat pontoons
PEMBROKE PORT, which is owned and operated by the Port of Milford Haven, has welcomed the first customer to its new workboat pontoons. Installed as part of the Pembroke Dock Marine project to modernise the Port’s infrastructure, the pontoons are available for use by a range of vessels including workboats, barges and other small vessels.
CRC Sentinel, a dive support vessel owned by Commercial Rib Charter which is undertaking work on the Milford Haven Waterway, was the first to use the new pontoons.
Sharon Adams, Commercial Manager for Pembroke Port commented: “It’s great to see these new assets being utilised. Pembroke Port is perfectly positioned within the Port of Milford Haven to act as a hub for operations associated with marine activity taking place within the Port and the Celtic Sea. The pontoons are available for short and long term berthing and have secure access, as well as electricity and water hook ups.
The workboat pontoons compliment the other infrastructure upgrades we made as part of the Pembroke Dock Marine project including new laydown space and an expanded slipway.
We look forward to working with our existing customers, and welcoming new ones, to use the new facilities at Pembroke Port.”
The new infrastructure at Pembroke Port forms part of the Pembroke Dock Marine project to create a world-class energy and engineering centre of excellence and act as a focal point for capturing the economic value from wind, wave, and tidal renewable energy projects.
Alongside the Port’s own investment, Pembroke Dock Marine – a Swansea Bay City Deal project – is part funded by the UK Government and the European Regional Development Fund through the Welsh Government as well as other private sector partners.
During construction, the project supported over 50 jobs including 6 apprenticeships. Contractors BAM, Walters Group and R&M Williams undertook community activity during the project, with the local community benefiting from over £11m local spend.
For further details on the facilities at Pembroke Port, and how the Pembroke Dock Marine investments have readied Pembroke Port for future energy, please visit www.pembrokeport.com.
Business
Last Call for Entries: Carmarthenshire Business Awards
BUSINESSES throughout Carmarthenshire are urged to submit their nominations for the prestigious Carmarthenshire Business Awards as the deadline of 17th May 2024 rapidly approaches.
Organised by Grapevine Event Management, these awards are set to recognise and celebrate the outstanding contributions and achievements of local enterprises across a variety of sectors. With the nomination process ending in less than two weeks, businesses and individuals from across the county are invited to take advantage of the opportunity for recognition by entering one of the 15 award categories.
The winners will be unveiled during a glamorous black-tie event at Parc y Scarlets on 12th July, attended by the crème de la crème of Carmarthenshire’s business community.
Liz Brookes, the founder of the awards and director at Grapevine Event Management, expressed her enthusiasm about the high quality of entries received so far. “We are thrilled with the response and the calibre of organisations that have entered. This is the final call for entries; it’s time to ensure your business and its contributions are recognised,” she stated.
Rupert Moon, chair of the judges, highlighted the significance of the awards in promoting local businesses. “Carmarthenshire boasts a range of fantastic businesses. These awards are not just a celebration but a platform to highlight significant achievements in innovation, sustainability, growth, and export success among others,” Moon commented.
Support for the event is strong, with notable local companies such as Castell Howell Ltd leading as headline sponsors. “Supporting local business is essential for Carmarthenshire’s prosperity. These awards are a fantastic opportunity for businesses to gain the recognition they deserve,” said Martin Jones, Director of Castell Howell.
Additional sponsors include Swansea Building Society, Dunbia, Azets, JCP Solicitors, JG HR Solutions Ltd, Business News Wales, and Stills, all contributing to the event’s success.
For more information on how to enter the Carmarthenshire Business Awards, or to register before the 17th May deadline, please visit https://carmsbusinessawards.com/.
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