House values in Wales may have plunged by £30,000 in the last year, according to shocking new figures.

House prices in Cardiff have spiralled down by 13.2% in the 12 months to November – one of the largest falls in Britain – according to property website Rightmove.

The fall is way above the Welsh average of 11.2%, which is itself the largest fall of all of Britain’s regions.

It means the average home in Cardiff is now worth £187,428. Last year it would have been worth £215,887.

House prices also fell significantly, by 7.8%, in Bridgend.

Rightmove, which displays 90% of the properties on sale in the UK at any one time, said most new sellers hoping to find a buyer have now realised the need for “drastic action” and are listing their properties at lower prices. The firm said quicker sales would be achieved if sellers began with more realistic asking prices.

Alison Shaw, from Porthcawl, has just sold her house after having it on the market for two years.

She was forced to reduce the price from £575,000 to £499,000 and sold at a price she asked to remain confidential.

Paul Gough, 38, has been trying to sell his two-bedroom flat in Whitchurch, Cardiff, for more than a year.

Over the last 12 months, he has seen the value of his property plummet from £125,000 to £105,000. But a Cardiff estate agent said there was still some activity in the housing market. The people who are suffering hardship are those who have to sell for economic reasons. on the other hand if you’re buying for the first time there is no better time – if you can get a mortgage.

Source: http://www.walesonline.co.uk