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House prices: Wales average reaches highest-ever figure

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Wed 27 Jul 2022

House prices: Wales average reaches highest-ever figure

Average house prices in Wales have risen above £240,000 for the first time, the Principality Building Society has said.

Prices grew by an average of 11.5% in the second quarter of 2022, compared with the previous year.

The average house price increase in Pembrokeshire stands at 9.9% for the period April - June 2022.

As well as an 11.5% annual increase in prices, there was also a 9% increase in the number of sales across Wales.

"Wales continues to see some of the strongest house price increases across the UK," said Shaun Middleton, Principality Building Society's head of distribution.

Semi-detached properties have seen the largest increase in prices, closely followed by terraced properties.

The average house price of £240,635 is the highest on record in Wales and the rise of 11.5% means the price has climbed by about £25,000 compared with a year ago.

Wales's highest house prices are in Monmouthshire where an average home sold for £368,621 in the second quarter of this year.
Can Wales' property market continue to thrive?

Mr Middleton said he anticipated "steady" growth in spite of pressure on homeowners from the increasing cost of living.

"At the present time there is no sign that we are facing a reduction in property prices, or a crash, or anything like that. The market has definitely slowed a little bit, it seems a lot more steady," he reflected.

"I think whilst there is still confidence in the jobs market, and whilst there is still more demand for properties than supply, we will probably continue to see these steady increases."

source: https://www.bbc.co.uk/news/uk-wales-62201741