HOUSE prices across Torfaen have increased in recent months, according to new Wales-wide data.

There was a 2.5 per cent increase over the year and a 0.4 per cent increase in the last quarter in the borough, with an average house price of £151,398.

The latest Principality House Price Index, released this month, looks at trends of growth and decline in the housing market, including average house prices.

The data measures this annually – September 2016 to September 2017 – but also on the most recent quarter this year, July to September.

Data reveals that nineteen councils have seen an average rise in annual growth over the last year, while eight of 22 local authorities have seen a fall over the last three months.

Chief finance officer at Principality Building Society, Tom Denman, said: “We saw a clear bounce back in the housing market across Wales as people continue to take advantage of favourable low interest rates and high employment.

“There are record levels of first time buyers across the UK and it is clear that while areas such as London are seeing a drop-in house prices, the Welsh market has been stable.

“However, sluggish wage growth and the Bank of England’s broad hints that it will increase interest rates in November, means there is still a prevailing sense of caution that the market will continue the modest growth we have seen during the past couple of years.”

Elsewhere in the south east Wales region, Newport was the only one to see a decline in both annual and quarterly figures.

With an average house price of £173,389, the figures show a 0.6 per cent decline over the year and 1.8 per cent decline over the last quarter.

The average house price in Monmouthshire was £252,508, which saw rises in both annual (1.0 per cent) and quarterly (1.4 per cent) figures.

Caerphilly’s figures were promising, with an average house price of £144, 395 – a five per cent increase in the last year and 5.2 per cent increase over the last quarter.

But Blaenau Gwent – despite having a 5.3 per cent increase over the last year – had the biggest drop in Gwent with 3.5 per cent over the last quarter.

It also boasted the lowest average house price in Wales at £97,399.