House prices in Wales increase for first time in over a year

The average price of a home in Wales is still down 2.4% when compared with the same period in 2023 Credit: PA

The average price of a home in Wales has risen for the first time in over a year, according to the Principality Building Society.

An average house is priced at £236,369, according to its Wales House Price Index.

After five consecutive quarters of falling prices, the society said it was now seeing a recovery.

However, the average price of a home in Wales is still down 2.4% when compared with the same period in 2023.

This marks the first time that prices have increased since December 2022, when the peak average price of £249,000 was recorded.

Principality's report says that the majority of local authorities in Wales reported higher prices between April and June for the first time since 2022.

While areas such as Merthyr Tydfil still saw a drop in prices, areas like Bridgend and Ceredigion reported increases of over 16%.

Average house prices in these areas were £250,921 and £281,382 respectively - a new peak for Bridgend.

Areas like Merthyr Tydfil still saw a drop in prices Credit: PA

Shaun Middleton, Head of Distribution at Principality Building Society, said: "This increase, bringing the average price to £236,369 in Wales, marks a significant turnaround and suggests that the market may be stabilising.

"The last few years have marked the most challenging housing market conditions since the Global Financial Crisis in 2008, with first-time buyers encountering the toughest conditions in about 70 years, according to the Building Societies Association."

He added that, with government commitments to house building, the society expected to see house prices increase with a higher volume of transactions, "supported by better economic conditions, increased affordability and growing buyer interest."


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