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Average house price in Wales reaches new peak

Credit: PA images

House prices in Wales have reached a new peak average price, according to the Principality Building Society.

The average house price here now stands at £176,316.

Prices in Bridgend, Caerphilly, Rhondda Cynon Taf and the Vale of Glamorgan have all reached a new peak too.

It comes as the Principality Building Society releases data for the last quarter which also shows prices increased each month as first-time buyers and home movers continued to take advantage of low interest rates.

Despite that sales of properties seemed to slow in September. It follows a busy August which saw the highest sales levels since 2007.

Credit: PA images

We saw a clear bounce back in the housing market across Wales as people continue to take advantage of favourable low interest rates and high employment. There are record levels of first time buyers across the UK and it is clear that while areas such as London are seeing a drop in house prices, the Welsh market has been stable.

However, sluggish wage growth and the Bank of England’s broad hints that it will increase interest rates in November, means there is still a prevailing sense of caution that the market will continue the modest growth we have seen during the past couple of years.

– Tom Denman, Chief Finance Officer at Principality Building Society