House price inflation in Wales has overtaken the South West of England and the country has seen the biggest price increases in the UK.
Figures released today by the Halifax House Price Index, which monitors the amounts paid for properties across the UK, have shown that house prices in Wales reached an average of £222,639.
This time last month, the index recorded that the average Welsh house price was £219,981, the highest that the country had ever seen.
The new high is nearly £2,000 higher than that, and represents a 14.7 per cent increase on the same period last year.
However, Wales is still well below the UK national average house price of £293,221.
A Halifax spokesperson commented: “Not for the first time this year, Wales is at the top of the table for UK house price inflation.
“The average house price in Wales is now £222,639, a new record high for the country, and up by 14.7 per cent over the last year.
“With more rural locations still in high demand amongst buyers, the beauty of the Welsh countryside and coastal towns continues to offer great value, particularly compared to the UK average house price which is much higher at £293,221.”
Overall, UK house prices have dipped for the first time since June 2021, lowering by approximately 0.1 percent from £294,845 last month.
Russell Galley, Managing Director at Halifax, said: “Following a year of exceptionally strong growth, UK house prices fell last month for the first time since June 2021, albeit marginally (-0.1 per cent).
“This left the average house price at £293,221, down £365 from the previous month’s record high.
“The rate of annual inflation eased slightly (to +11.8 per cent), although it’s important to note that house prices remain more than £30,000 higher than this time last year.
“While we shouldn’t read too much into any single month, especially as the fall is only fractional, a slowdown in annual house price growth has been expected for some time.
“Looking ahead, house prices are likely to come under more pressure as those market tailwinds fade further and the headwinds of rising interest rates and increased living costs take a firmer hold. Therefore a slowing of annual house price inflation still seems the most likely scenario.”
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