House prices in Wales rise during te first quarter of the year
House prices in Wales have risen by three per cent in the first quarter of this year to a new record average price of £233,361,
In Powys prices have risen by 1.7 per cent annually to £248,963.
The average house price in Wales reaches a new record average price of £233,361, 9.7 per cent higher than the same time last year.
The figures have been released from Principality Building Society’s Wales House Price Index for January to March, which demonstrates the rise and fall in house prices in each of the 22 local authorities in Wales.
Wales continues to experience some of the strongest property price increases across the UK, with house prices also increasing by 9.7 per cent annually as well as rising over the quarter.
However, transactions in the first quarter are estimated to have been four per cent lower than a year earlier, the second quarter in a row of lower sales.
Tom Denman, Chief Financial Officer at Principality Building Society, said: “Despite the strong headline performance, the underlying data gives some support to the view that the market in Wales may be beginning to slow.
"With cost of living pressures mounting and consumer confidence falling, it is possible that demand within Wales is moderating.
“None of this should be taken to mean that the market is moving into recession, far from it, but there is a sense here of a slowing market.
"The question now is whether households will hold back either entering the housing market or trading up due to the current uncertain conditions.”
Denbighshire stands out as the only local authority in Wales to record a decrease in house prices annually, dropping by 5.9 per cent to £197,452.
Prices dropped in Denbighshire over the quarter too by 4.1 per cent, a pattern which has continued for several quarters since its peak price in June last year.
