House prices in Wales hit record levels

House prices

House prices in Newport surged 15.1 per cent, the highest of any council area in Wales

House prices in parts of Gwent have hit record highs amid a surge in demand for properties.

Figures for the third quarter of 2021 show that house prices in Newport surged 15.1 per cent, the highest of any council area in Wales.

Property prices for the third quarter were also up in Blaenau Gwent (3.8 per cent), but dropped in the rest of the Gwent region.

Caerphilly house prices fell by 2.3 per cent, Monmouthshire’s by 3.6 per cent and Torfaen’s by 2.5 per cent.

And although 10 of Wales’ 22 council areas saw prices drop on average between July and September, the figures for the past year show every part of Wales saw average prices grow.

Blaenau Gwent has recorded the highest annual rise in house prices, shooting up by 22.5 per cent. The average property there now costs £124,000.

Annual rises for the rest of Gwent included an 8.8 per cent increase in Caerphilly, where the average home are up £171,000; and a 4.8 per cent rise in Monmouthshire, where property now costs £319,000 on average.

In Newport, house prices have climbed 15.1 per cent over the past year, and now cost £239,000 on average; and in Torfaen property prices are up 7.3 per cent on last year, costing £193,000 on average.

The figures were compiled by the Principality building society for its House Price Index.

Tom Denman, Principality’s chief financial officer, said: The Welsh housing market, like those elsewhere in the UK has outperformed expectations this year.

He said: Demand has been higher and more resilient than many expected, and although market support in the shape of the Land Transaction Tax holiday and furlough payments has now ended, the scale of pent-up demand has been such, aided by savings accumulated in lockdown and continued low mortgage rates, that the market has continued to flourish.

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