House prices have continued to increase in Ceredigion this month, new figures show.

The rise contributes to a longer-term trend which has seen property prices in the area grow by 15 per cent over the last year.

The average Ceredigion house price in September was £262,535, Land Registry figures show.

This is a 0.8 per cent increase on August.

But over the last year, the average sale price of property in Ceredigion rose by £34,000 – making the region 10th among Wales’s 22 local authorities for annual growth.

Elsewhere, house prices in Gwynedd increased by 3.4 per cent – more than the average for Wales – in September, the same data shows. But this is part of a more sluggish 11.7 per cent rise over the last year.

The average Gwynedd house price in September was £214,171, Land Registry figures show – a 3.4 per cent increase on August.

The average sale price of property in Gwynedd only rose by £22,000 in the last year – putting the region 21st among Wales’s 22 local authorities for annual growth.

House prices also increased by 4.4 per cent in Powys in September, contributing to a 16.4 per cent growth over the last year.

The average sale price of property in Powys rose by £37,000 – putting the area ninth highest for annual growth across Welsh regions.

An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic, experts say.

But typical property values stalled across the UK between August and September, which caused annual growth to slow.

Andy Sommerville, director at property data provider Search Acumen, said the latest data is further evidence of ‘a turning tide for house prices.’

“The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatility in the mortgage market and saw interest rates on new agreements soar,” she said.

Managing director at estate agent group Fine and Country, Nicky Stevenson said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes.”

He says prices are likely to be further affected by the Chancellor Jeremy Hunt’s autumn statement, which included both tax rises and spending cuts.