“There’s an Occupancy Clause, section 157, up in North Wales. You have to apply to the council before buying a property. There’s nothing like that in England,” Davies said. “These local quirks make a big difference. A buyer dealing with a remote broker may not get that insight.”
In some areas, policy tools are now being used to preserve local housing stock for residents. Wrexham, for example, has seen increased demand tied to the global profile of its football club. “If you’re applying to buy a house there and can’t show you’ve lived locally, you’re unlikely to succeed,” said Davies. “These rules are being used to protect local access to housing.”
Affordability pressures tied to employment
While house prices in Wales are lower, buyers often face tougher affordability challenges than their English counterparts. Income inequality and heavy reliance on a small number of major employers amplify those pressures.
“We probably have 30% of clients working for the same five companies,” Davies said. “If one of them downsizes or relocates, that has a massive ripple effect. A few years ago, we had a couple declined for a mortgage simply because they both worked for Tata Steel, which was rumoured to be closing.”
Even small economic shifts can bite deeper. “People’s disposable income was already low. Add inflation and rising interest rates, and it hits hard,” he said. “We’ve had clients who had to downsize. They were on 1.7% five years ago and now they’re at 5.5%. That’s a big jump.”