Welsh house prices rise faster than UK average
HOUSE prices in Wales increased by 5% in the year to April 2020, according to the Land Registry.
The latest figures showed house prices were growing faster than the UK annual rate of 2.6% over the same period.
In Wales, 21 out of 22 local authority areas showed an increase in average prices in April 2020 when compared with the same month a year ago.
Agents said lower transactions due to lockdown should mean the data is treated with some caution.
The most expensive area to live in was Monmouthshire, where the cost of an average house was £267,831.
In contrast, the cheapest area to purchase a property was Blaenau Gwent, where an average house cost £87,693.
The biggest increase was in Rhondda Cynon Taf, where prices rose nearly 16% to £126,785.
Of all property types, terraced houses showed the biggest annual growth, rising by 7.2% in the year to April 2020, to £134,051.
The smallest annual growth of all property types was for flats and maisonettes, with a decrease of 1.1% in the year to April 2020 to £112,239.
Tim Goodwin, of Williams & Goodwin estate agents in north Wales, said: “Whilst the April house price index shows continued growth in house prices in Wales, this must be treated with caution as the data for April will be very limited as we were in the lockdown period of the pandemic, although they would suggest that the region is continuing to catch up with the larger historical growths seen in house prices elsewhere.
“Likewise, factors such as the historically low interest rates were also beginning to have an impact in attracting local first-time buyers into the marketplace, which has a knockon effect on the whole of the housing sector.”