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21 Jun

Wales tops the tables for annual house price growth

Posted 21/06/2018 by: Reeds Rains Press Office

Wales tops the tables for annual house price growth

Wales has continued to outperform other regions in terms of annual house price growth, according to the LSL House Price Index.

Average house prices in Wales were up 5.2% in April 2018 compared to the previous year, with the average house price recorded as £184,348.

In Monmouthsire prices rose by 13.9% with a new peak average price of £291,344; likewose on the Vale of Glamorgan prices were up 11.6% to £269,609. The two are the most expensive areas in Wales, with prices well above the Welsh average. Cardiff, which ranks third, also saw strong growth, up 9.5%.

Much of this is down to the introduction of the new Land Transaction Tax introduced in April. Since the growth calcilations are based on three-month averages, they include sales in March 2018 by buyers rushing to beat the added cost for higher priced properties. Some cheaper areas have also seen good growth, though - notably Carmarthenshire, with prices up 12.6% to £163,633.

The average house price across all of England and Wales in May was £305,654. That's a growth of more than £6,000 compared to 2017.

Transactions, however, were down by 6% year on year.

Find out more about buying and selling in the Wales.