Nearly 40 per cent of houses in Ceredigion have seen an increase in value higher than the average salary in the past 12 months, according to new data.

Almost a quarter of homes in Wales (22 per cent) have increased in value by more than the average salary in the country in the past 12 months, according to new research from Zoopla.

In Ceredigion 39 per cent of properties have increased in value by more than the average salary in the county, which is £26,200, with the average property value in the county now standing at £236,000.

This equate to 13,000 homes which have gone up in value by more than £26,200 in the past 12 months.

Ceredigion has seen the second largest rise in house value behind Pembrokeshire, where the average salary is £26,300 – and 42 per cent of homes in the area have gone up by more than this in the past 12 months.

Anglesey (38 per cent), Powys (36 per cent) and Gwynedd (29 per cent) are the other places in Wales where a large proportion of homes have gone up by more than the average salary for that area in just one year.

Zoopla says the data suggests that homes in rural and coastal locations have been in particularly strong demand during the course of the pandemic, with many reportedly seeking out a lifestyle change.

Gráinne Gilmore, head of research at Zoopla, said: “There has been strong demand from home buyers in Wales since the housing market reopened after the first lockdown in June last year.

“This demand has been underpinned by people searching for more space, making a lifestyle change or climbing onto the first rung of the property ladder.

“At the same time, the savings of up to £15,000 on offer as a result of the LLT holiday in the 12 months to July also encouraged people to make a move.

“This has put upward pressure on house prices, with values rising significantly.

“When this price rise is translated into pounds and pence, it means nearly a quarter of homes in Wales have risen in value by more than the equivalent of a year’s earnings in the country over the space of 12 months.

“Anyone can get an instant estimate on the value of their home at MyHome on Zoopla, where they can also link directly to a Zoopla estate agent for a valuation.”