Principality figures show that house price growth in Wales outstrips the UK

Principality figures show that house price growth in Wales outstrips the UK

In 2017, Welsh house prices grew by 3.3%, which is a slightly faster rate than the rest of the UK as a whole, according to figures from the Principality Building Society, with the average house price in Wales now being £179,855.

However, growth rate slowed from 2016 when house prices in Wales rose by 3.6%, with house prices growing in 18 out of the 22 local authorities in Wales.

Other mortgage lenders have estimated UK growth at 2.7% in comparison.

Across the Welsh counties, it was Pembrokeshire who saw the highest rise when it came to house prices, with an 8.1% increase, while the greatest decline was in Wrexham, with prices dropping by 2.1%.

Over the course of 2017, 18 counties saw an overall increase in prices, however, in nine of those counties, prices started to decline in the final quarter of the year. Monmouthshire proved to be an exception, as while prices fell overall, they rose in the last three months of the year.

According to information from the Bank of England Inflation Calculator, the average house price in January 2007 for Wales would be £162,973, but inflation would have it approximately at £207,460 by 2016.

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