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House prices spiked by 25% in one part of Wales as nation saw biggest increases in the UK

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House prices spiked by 25% in one part of Wales as nation saw biggest increases in the UK

House prices in Wales increased by 11.7% in the year to March 2022 – with one county seeing values up by nearly 25%.

The country’s house prices were growing faster than the UK annual rate of 9.8% and the average sale price in Wales now stands at just over £206,000 according to the latest land Registry’s House Price Index. This remains below the average property value in England (£297,524) – where average prices range from £154K in the North East to £523K in London.

Housing has been a topical issue in Wales in the last couple of years as price growth has outstripped that in the rest of the UK over much of the pandemic. Demand for second homes is being blamed as part of the problem in some rural and coastal areas as well as the failure to build enough affordable housing.

READ MORE: Holidaymakers staying in Wales WON’T have to pay tourism tax for ‘years’

Welsh Government has been under pressure to take action and is set to give local authorities the powers to charge a council tax premium of up to 300% on second homes as well as increasing the minimum time a property has to be let to allow it to pay business rates instead of council tax. The tourism sector has though complained that this will hit many genuine buy-to-let holiday cottages and impact some rural economies.

Over the past year Vale of Glamorgan saw the biggest price rise with an increase of 24.3% – taking it to an average price of just over £313K. This is the second highest in Wales behind Monmouthshire (£342K).

Ceredigion and Carmarthenshire saw increases of around 18%, Blaenau Gwent was just under 20%, while in North Wales the biggest rise was in Gwynedd at just under 16%.

The House Price Index said: “In Wales, all local authority areas showed an increase in average house prices in the year to March 2022. Vale of Glamorgan showed the strongest growth, rising by 24.3% in the year to March 2022 to £313,000. In contrast, Denbighshire showed the lowest annual change, with an increase of 7.9% in the year to March 2022, with the average house price at £193,000.

“Of all property types, detached houses showed the largest annual growth, rising by 14.5% in the year to March 2022 to £321,000. Flats and maisonettes showed the lowest annual growth, rising by 5.2% in the year to March 2022, to an average price of £129,000.”

The volume of sales in Wales was down – with the most recent figure from January.

Comparing the January 2021 figure with the provisional estimate for January 2022, the volume of transactions decreased by 29.9% in Wales. UK volume transactions decreased by 37% over the same period.

Houses prices in each local authority:

Local authorities March 2022 March 2021 Difference
Blaenau Gwent £125,622 £104,879 19.8%
Bridgend £190,691 £173,699 9.8%
Caerphilly £174,261 £154,035 13.1%
Cardiff £248,958 £227,722 9.3%
Carmarthenshire £200,873 £170,219 18.0%
Ceredigion £247,001 £209,727 17.8%
Conwy £206,285 £182,080 13.3%
Denbighshire £193,223 £179,024 7.9%
Flintshire £203,354 £183,970 10.5%
Gwynedd £208,395 £179,909 15.8%
Isle of Anglesey £227,506 £203,657 11.7%
Merthyr Tydfil £145,269 £121,343 19.7%
Monmouthshire £342,225 £299,118 14.4%
Neath Port Talbot £152,384 £130,879 16.4%
Newport £226,443 £202,690 11.7%
Pembrokeshire £229,882 £199,970 15.0%
Powys £243,443 £210,510 15.6%
Rhondda Cynon Taf £145,311 £130,503 11.3%
Swansea £185,560 £166,612 11.4%
Torfaen £185,046 £164,179 12.7%
Vale of Glamorgan £313,180 £251,871 24.3%
Wrexham £198,184 £175,654 12.8%
Wales £206,395 £184,807 11.7%

https://www.business-live.co.uk/retail-consumer/house-prices-spiked-25-one-23992805

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