The average price of a house in Merthyr Tydfil has plummeted by 14.5% in the last year, the biggest drop in Wales. The average house price in the area is now just £129,121, making it the cheapest place to buy a property in Wales.
But it’s not all bad news for Welsh homeowners – 13 out of the 22 local authority areas in Wales actually saw house prices rise.
Overall, house prices in Wales went up by an average of 2.4% in the year to May 2023. This is slightly higher than the increase seen in England (2.2%) but lower than Scotland (2.5%).
Where else have house prices fallen in Wales?
After Merthyr Tydfil, Denbighshire saw the second biggest drop in house prices, with a fall of 5.7% to an average of £188,220.
Eight other areas also saw small decreases in average house prices:
- Gwynedd: 2.8% decrease (£189,472 average house price)
- Wrexham: 1.6% decrease (£200,973 average house price)
- Carmarthenshire: 0.8% decrease (£202,199 average house price)
- Neath Port Talbot: 0.6% decrease (£165,865 average house price)
- Powys: 0.5% decrease (£232,846 average house price)
- Cardiff: 0.4% decrease (£261,977 average house price)
- Newport: 0.2% decrease (£229,554 average house price)
Where have house prices risen in Wales?
The area with the highest increase in house prices was Blaenau Gwent, which saw an annual rise of 9% to an average of £137,726.
The most expensive place to buy a house in Wales is still Monmouthshire, where the average house price is now a whopping £332,344.
These are the areas where house prices have increased:
- Blaenau Gwent: 9% increase (£137,726 average house price)
- Pembrokeshire: 7.7% increase (£240,200 average house price)
- Ceredigion: 5.8% increase (£249,825 average house price)
- Anglesey: 5.7% increase (£236,635 average house price)
- Vale of Glamorgan: 5.1% increase (£296,322 average house price)
- Swansea: 5% increase (£202,116 average house price)
- Rhondda Cynon Taf: 4.6% increase (£159,049 average house price)
- Caerphilly: 3.6% increase (£188,483 average house price)
- Bridgend: 3.1% increase (£210,235 average house price)
- Flintshire: 2.7% increase (£217,344 average house price)
- Monmouthshire: 2.1% increase (£332,344 average house price)
- Conwy: 1.5% increase (£219,118 average house price)
- Torfaen: 1.1% increase (£191,616 average house price)
What type of property is most expensive in Wales?
Semi-detached houses have seen the biggest price rises in Wales, with prices increasing by 4.2% to an average of £213,000.
If you’re looking for a bargain, flats and maisonettes might be the way to go. These properties saw the smallest annual price increase, with an average price of £137,000.
New build properties are still commanding a premium, with an average price of £313,323, while older properties are selling for around £208,000 on average.
What does this mean for buyers and sellers?
Melfyn Williams, an estate agent from Anglesey, said: “The local property market saw cautious improvement across all price ranges. In the second half of the month we’ve seen a noticeable uptick in activity across all price ranges. While buyers and sellers are still proceeding with caution the momentum is definitely picking up.”
So, what does this all mean for you? Well, if you’re thinking of buying or selling a property in Wales, it’s important to do your research and get expert advice to make sure you get the best deal.