Recent data shows Bridgend and Blaenau Gwent leading in house price growth in Wales, with notable annual increases.
Bridgend: The latest house price data from the Office for National Statistics (ONS) shows some interesting trends. Overall, UK house prices have gone up by 0.2% since September 2024, with a year-on-year increase of 3.4%. This brings the average property value in the UK to about £292,000.
In Wales, things are looking a bit better, with an average rise of 2% since September 2024. The annual increase is around 4%, pushing the average property value to £222,000. Flats have seen the biggest jump, up 6.2%, now averaging £149,000.
When we break it down, terraced houses in Wales have gone up by 4.7%, now sitting at £176,000. Semi-detached homes are up 3.6% to £216,000, while detached homes have seen a smaller increase of 2.5%.
Interestingly, 16 out of 22 local authority areas in Wales reported rising house prices over the past year. Bridgend County is leading the pack with a whopping 10.8% increase, bringing the average price to £227,000. Blaenau Gwent isn’t far behind, with a 10.6% rise, pushing its average from £126,120 to £139,435.
On the flip side, Gwynedd has seen the lowest change, dropping by 5.1%. Other areas like the Isle of Anglesey and Flintshire also experienced declines. Despite a slight dip, Monmouthshire remains the priciest place to buy, with an average cost of £341,000.
Blaenau Gwent, while being the cheapest area at £139,000, still managed to see a significant rise in prices. Meanwhile, several counties, including Merthyr Tydfil and Rhondda Cynon Taf, still have average prices under £200,000.
First-time buyers are also making their mark, with a 4.5% increase in spending over the past year, averaging £193,455. Former homeowners are spending even more, averaging £255,444.
However, the ONS warns that low sales numbers in some areas can lead to price volatility. They suggest looking at long-term trends rather than just monthly changes.
Nicky Stevenson from Fine & Country notes that the housing market is surprisingly strong. With the Bank of England lowering interest rates, borrowing has become easier, and mortgage approvals are at their highest since August 2022. This shows that buyer demand remains strong, despite some affordability issues.