For the first time ever, the average house price in Wales has risen above £240,000 according to the Principality Building Society. This figure was taken during the second quarter of 2022 (April – July) and is on average, 11.2% higher than this time last year and 3.1% higher than the first quarter of 2022.

As can be seen from the image below, the highest price increases were recorded in Blaenau Gwent and Carmarthenshire with the lowest coming from Conwy and Denbighshire, and in fact Denbighshire was the only location in Wales where the local authority reported that prices were actually slightly less than this time last year.

What is interesting to note about the figures is that even though Blaenau Gwent tops the chart for largest growth compared to this time last year, its average house price is around £150,284, remaining the lowest in Wales.

Shaun Middleton, Principality Building Society’s head of distribution stated that “Wales continues to see some of the strongest house prices increases across the UK…the market remains quite strong and buoyant in Wales” which may come as a sign of relief for those looking to sell their homes in the next few months. However, this does not mean good news for everyone with first time buyers likely to feel the greatest impact as higher house prices mean a higher deposit is required and ultimately a larger mortgage, not something they want to hear considering the current cost of living crisis.

Despite the above, there are signs that indicate that the property market is starting to slow down, however, many local estate agents are advising that many of their houses are selling within 48 hours of becoming available! 

So whilst a crash is not looking likely any time soon, if you are contemplating selling your home, why not advertise your home today using homebuddy and save yourself thousands of pounds.