Advertisement

  1. ITV Report

Wales house prices 'reach all-time peak'

Credit: PA

House prices in Wales have reached an all-time peak, according to experts.

Principality Building Society's Wales House Price Index shows the average house price across the country is now £186,699.

While price growth slowed to 0.3% at the end of 2018, the number of sales - just over 48,000 - is around the same as 2017.

Among the areas that saw the biggest house price rises of 6% of more were Torfaen (8.7%), Caerphilly (7.5%), Blaenau Gwent (7.2%), Newport (6.5%) and Monmouthshire (6.1%). Those behind the research suggest this may be to do with the removal of the Severn bridge tolls.

The Vale of Glamorgan also saw a price rise of 6.0%.

There are a number of possible reasons why Welsh house prices are at an all-time high - interest rates are currently close to their historic low, the number of people in work is near an all-time high while average weekly earnings have risen above the rate of inflation. Welsh Government housing schemes have also helped would-be property owners onto, and up, the housing ladder.

– Tom Denman, chief financial officer at Principality Building Society

Over the last year, house prices fell in Pembrokeshire (-1.4%), Denbighshire (-1.9%) and Neath Port Talbot (-2.4%).