HOUSE prices in Newport have risen by 4.7 per cent over the last year, with the average house price now £198,252.
The figures have been released from Principality Building Society’s Wales House Price Index for Q2 2019, which shows the rise and fall of house prices in each of the 22 local authorities in Wales.
Despite the rise annually compared to July 2018, house prices in Newport have dropped by 1.7 per cent in the last three months (April – June).
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While the average house price in Wales has increased marginally in the last three months by 0.1 per cent to £186,360, it has grown by 4.1 per cent on this time last year. This is the highest annual rate of house price growth in the four UK nations in Q2 of 2019 as England has seen a 0.1 per cent fall in prices, with Scotland and Northern Ireland growing by 0.5 per cent and 3.5 per cent respectively.
Tom Denman, Chief Financial Officer at Principality Building Society, believes the increase in house prices annually in Wales is linked to the increase of sales ahead of the Land Transaction Tax in April 2018 resulting in a dip this time last year, rather than any sudden increase in housing demand in Wales during Q2 2019.
Principality’s report also showed a trend in the last three months of rising house prices along the coastline from Conwy, Pembrokeshire to the Vale of Glamorgan, suggesting a potentially strong demand for holiday and second homes in Welsh coastal areas.
Tom Denman at Principality said: “Average house prices rose marginally in June by 0.1 per cent on the previous quarter.
“The recent trends in Wales show the market has been resilient in the face of political and economic uncertainty. It would appear there is a trend of rising house sales on the coast of Wales, perhaps indicating more sales of holiday lets.
“Housing market trends are likely to continue to mirror what is happening in the broader economy. Cost of borrowing remains historically low, while the labour market is relatively healthy.
“People will no doubt be looking for some clarity around Brexit during the next quarter, which is likely to determine the confidence to buy and sell properties.”
For more information on house price changes in Wales, visit principality.co.uk/mortgages/house-price-index
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