The two areas of Wales where house prices are rising the most
The latest published house price data from the Office for National Statistics (ONS) that cover up to and including October 2024 have revealed that in the UK house prices have risen by 0.2% since September 2024 - but year-on-year the annual prices rise has been 3.4%. This increase makes the average property in the UK valued at £292,000.
The data specifically for Wales shows that on average house prices rose by 2% since September 2024 and there has been an annual price increase of 4% taking the average property value to £222,000. The biggest increase of 6.2% has been within the flat sector, now with an average price of £149,000.
The ONS states that there has been a 4.7% rise in terraced houses in Wales to £176,000, a 3.6% increase in semi-detached homes to £216,000 and a 2.5% climb in the detached homes sector.
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In Wales, 16 of the 22 local authority areas showed an increase in average house prices in the 12 months to October 2024. Bridgend County showed the highest annual percentage change, rising by 10.8% to £227,000 in the 12 months to October 2024. This figure for Bridgend is closely followed by Blaenau Gwent at 10.6%, a rise from £126,120 in the average house price in October 2023 to £139,435 in October 2024, according to the ONS.
In contrast, Gwynedd showed the lowest annual percentage change, decreasing by 5.1% from £212,604 to £202,000 in the 12 months to October 2024. Other Welsh counties which experienced a drop in the average house price in the year October 2023 to October 2024 are the Isle of Anglesey, decreasing by 3% to £238,389, Flintshire down by 2.7% to £212,055, Ceredigion reducing by 1.7% to £251,559 and Neath Port Talbot dropping by 1.1% to £165,513.
Even though Monmouthshire experienced a small decrease of 0.2% over the 12 month period to October 2024, it is still the most expensive county to buy a home. In October 2024, the average cost was £341,000 compared to £341,987 so the difference can be seen to be less than £1,000.
In contrast, the cheapest area to purchase a property was Blaenau Gwent, where the average cost was £139,000 even though it was one of the two areas of Wales to claim an annual rise over over 10%. The counties of Merthyr Tydfil, Rhondda Cynon Taf, Torfaen, Neath Port Talbot and Caerphilly are the only areas to still have an average house price under the £200,000 price barrier.
According to the ONS, the highest annual change in the type of property purchaser is within the first-time buyer sector, increasing by 4.5% over the 12 month period to October 2024, up by 2.2% from September and with an average spend of £193,455. Former owner occupiers in October 2024 were spending on average £255,444, up by 1.8% from the previous month and increasing by 3.3% from the same time last year.
However, the ONS states that low numbers of sales transactions in some local authorities can lead to volatility in the series, saying: "While we make efforts to account for this volatility, the change in price in these local levels can be influenced by the type and number of properties sold in any given period. Geographies with low number of sales transactions should be analysed in the context of their longer-term trends rather than focusing on monthly movements."
Nicky Stevenson, managing director at national estate agent group Fine & Country, comments: "The housing market continues to show unexpected strength, with house prices climbing steadily during budget month and 2024’s improving economic environment has also bolstered confidence in the housing market. The Bank of England’s decision to lower the base interest rate twice this year has made borrowing more accessible, and stabilising interest rates have reduced uncertainty for buyers.
"In October, the Bank of England reported the highest mortgage approvals since August 2022, marking a fifth consecutive monthly increase. HMRC data also showed a 10% rise in property transactions. These trends highlight the resilience of buyer demand despite ongoing affordability challenges. As 2025 approaches, the sector seems poised for sustained growth, supported by a resilient buyer base and favourable economic trends."
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