House prices in Wales rise higher than anywhere else in UK

The average house price in the country is now £192,928 Credit: PA

House prices in Wales rose higher than anywhere else in the UK in August.

The average house price in the country is now £192,928 - which is an annual growth of 11.6%.

The average UK property price hit a record high of £262,954 - which is more than £23,000 higher than when the housing market started to reopen in June 2020, Halifax said.

Annual house price inflation slowed to a five-month low of 7.1% last month, Halifax added.

Wales remained the strongest performing area seeing the only double-digit rise recorded across the UK during August.

The South West of England was also still experiencing strong growth at 9.6%, probably reflecting the ongoing demand for rural living within the region, the report said.

The average house price in the UK is now £262,954 Credit: PA

Russell Galley, managing director, Halifax, said, "Given the rapid gains seen over the past 12 months, August's rise was relatively modest and the annual rate of house price inflation continued to slow, hitting a five-month low of 7.1% (versus 7.6% in July).

"However, compared to June 2020, when the housing market began to reopen from the first lockdown, prices remain more than #23,600 higher (or 9.9%).

"Much of the impact from the stamp duty holiday has now left the market, as highlighted by the drop in industry transaction numbers compared to a year ago.

"However, while such Government schemes have provided vital stimulus, there have also been other significant drivers of house price inflation.

"We believe structural factors have driven record levels of buyer activity - such as the demand for more space amid greater home-working."

Here are average house prices and annual price growth in August, according to Halifax:

  • East Midlands, £218,112, 8.7%

  • Eastern England, #306,169, 7.3%

  • London, £508,503, 1.3%

  • North East, £154,629, 8.0%

  • North West, £201,143, 9.5%

  • Northern Ireland, £165,032, 9.3%

  • Scotland, £185,953, 8.4%

  • South East, £356,742, 6.8%

  • South West, £272,719, 9.6%

  • Wales, £192,928, 11.6%

  • West Midlands, £222,830, 7.4%

  • Yorkshire and the Humber, £184,918, 9.1%