House prices increased by 2.8 per cent in Gwynedd in November, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 14.8 per cent over the last year.

The average Gwynedd house price in November was £221,402, Land Registry figures show – a 2.8 per cent increase on October.

Over the month, the picture was different to that across Wales, where prices decreased 1.6%, and Gwynedd was above the 0.3 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Gwynedd rose by £29,000 – putting the area fifth among Wales’s 22 local authorities with price data for annual growth.

Average property price in November

Gwynedd: £221,402

Wales: £220,366

UK: £294,910

The highest annual growth in the region was in Caerphilly, where property prices increased on average by 17.2 per cent, to £194,000. At the other end of the scale, properties in Conwy gained 6.4 per cent in value, giving an average price of £217,000.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Property prices increased by 10.3 per cent in the year to November, slowing from 12.4 per cent in October.

Annual growth to November

Gwynedd: +14.8%

Wales: +10.7%

UK: +10.3%

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First steps on the property ladder

First-time buyers in Gwynedd spent an average of £194,000 on their property – £25,000 more than a year ago, and £59,000 more than in November 2017.

By comparison, former owner-occupiers paid £253,000 on average in November – 30.9 per cent more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Gwynedd in November – they increased 2.9 per cent, to £170,551 on average. Over the last year, prices rose by 15.4 per cent.

Among other types of property:

How do property prices in Gwynedd compare?

Buyers paid roughly the same as the average price in Wales (£220,000) in November for a property in Gwynedd. Across Wales, property prices are roughly the same as those across the UK, where the average cost £295,000.

The most expensive properties in Wales were in Monmouthshire – £364,000 on average, and 1.6 times as much as more than in Gwynedd. Monmouthshire properties cost 2.7 times as much as homes in Blaenau Gwent (£135,000 average), at the other end of the scale.

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