House prices increased by 0.8 per cent – more than the average for Wales – in Gwynedd in October, new figures show.

But for property owners living in Ceredigion, the data show prices dipped slightly, down 0.2 per cent in the county that same month. 

Those falling prices in Ceredigion, however, does not reverse the longer-term trend, which has seen property prices in the county grow by 12.2 per cent over the last year. 

The average Ceredigion house price in October was £260,369, Land Registry figures show – a 0.2 per cent decrease on September. 

In Gwynedd, the rise contributes to the longer-term trend, which has seen property prices in the area grow by 11.6 per cent over the last year. 

The average Gwynedd house price in October was £215,859, Land Registry figures show – a 0.8 per cent increase on September. 

Over the month, the picture was different to that across Wales, where prices increased 0.1 per cent, and Gwynedd was above the 0.3 per cent rise for the UK as a whole. 

Over the last year, the average sale price of property in Gwynedd rose by £22,000 – putting the area 16th among Wales’s 22 local authorities with price data for annual growth. 

The highest annual growth in the region was in Merthyr Tydfil, where property prices increased on average by 19.7 per cent, to £161,000. At the other end of the scale, properties in Anglesey gained 6.6 per cent in value, giving an average price of £238,000. 

Average UK house prices increased by 12.6 per cent in the year to October, accelerating from 9.9 per cent in September. 

The increase in the annual percentage change was partly caused by a sharp fall in average house prices in October 2021, following changes to stamp duty. 

The average UK house price was £296,400 in October, which was £33,000 higher than a year earlier. 

Tom Bill, head of UK residential research at Knight Frank, said: “Despite today’s figures, double-digit UK house price growth is now a thing of the past. 

“Even as the reverberations of the mini-budget fade, a more adverse lending landscape is emerging after 13 years of ultra-low rates.” 

First-time buyers in Gwynedd spent an average of £189,000 on their property – £20,000 more than a year ago, and £55,000 more than in October 2017. 

By comparison, former owner-occupiers paid £247,000 on average in October – 31 per cent more than first-time buyers. 

The most expensive properties in Wales were in Monmouthshire – £360,000 on average, and 1.7 times as much as more than in Gwynedd. Monmouthshire properties cost 2.6 times as much as homes in Blaenau Gwent (£137,000 average), at the other end of the scale. 

The highest property prices across the UK were in Kensington and Chelsea. 

First-time buyers in Ceredigion spent an average of £236,000 on their property – £26,000 more than a year ago, and £70,000 more than in October 2017. 

By comparison, former owner-occupiers paid £287,000 on average in October – 21.4 per cent more than first-time buyers.