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Wales Online
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Joanne Ridout

New Welsh property hotspot emerges as average house price growth continues to slow

The latest house price data from the Office for National Statistics (ONS) shows that the average monthly house price increase in Wales is continuing to steadily slow down.

According to the ONS, average house prices in Wales increased by 10.7% in the year to November 2022, down from 11.9% in the year to October 2022. The average price of a property in Wales now stands at £220,366.

However, in the year to November 2022, average house prices in Wales were increasing slightly faster than average house prices in the UK as a whole, 10.7% compared to 10.3%.

READ MORE: The huge house with big garden and barn for sale at same price as Cardiff terrace

Character terrace on Collins Row, Tredegar for sale for offers over £190,000 with Peter Alan (Rightmove)

The month-to-month figures, which cover a much shorter time span and can reflect more recent fluctuations in the property market show that that the average house prices in Wales decreased by 1.6% between the months of October and November 2022.

However, the ONS strongly points out that, as with other indicators in the housing market which typically fluctuate from month to month, it is important not to put too much weight on one month's set of house price data.

In Wales, all local authority areas showed an increase in average house prices in the year to November 2022. Terraced houses showed the largest annual growth out of all property types, rising by 13.0% in the year to November 2022 to an average of £173,000.

Flats and maisonettes showed the lowest annual growth, rising by 6.1% in the year to November 2022, to an average price of £136,000.

Three-bed detached in Caerphilly for sale for £325,000 with Diamonds, Caerphilly (Rightmove)
Three-bed detached in Caerphilly for sale for £310,000 with Peter Alan (Rightmove)

The county borough of Caerphilly has climbed to the top of the 22 Welsh county list as the newest property hotspot for the highest annual percentage change, rising by 17.2% to £194,000 in the year to November 2022. Merthyr Tydfil is in second spot, with an increase of 16.5% to record an average price now of £155,725.

In contrast, Conwy showed the lowest annual percentage change, increasing by 6.4% to £217,000 in the year to November 2022.

Monmouthshire continues to be the most expensive county in Wales to buy a home, with the average house price currently sitting at £364,497 and it is also one of the UK's 'most wanted' areas for relocation, find out more about that here.

Vale of Glamorgan is still the second highest house price county, this coastal area average is now £310,033.

On a UK level, the data revealed that the average house prices increased by 10.3% in the year to November 2022, down from 12.4% in the year to October 2022.

The average UK house price was £295,000 in November 2022, which is £28,000 higher than this time last year, but down slightly from the previous month's record high of £296,000.

The November figures also indicate that across the four nations, average house prices increased at a very similar rate, apart from in Northern Ireland. Month after month in 2022 Wales topped the four nation's chart for the highest average house price increase, but the latest figures suggest that England is now top of the table.

Average house prices increased over the year to November 2022 by 10.9% in England to £315,000, by 10.7% in Wales to £220,000, by 5.5% in Scotland to £191,000 and by 10.7% in Northern Ireland to £176,000.

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