The average house price in Wales has fallen to £185,018, with the annual growth of 0.4% the lowest recorded since August 2013, the latest index report shows. However, house sales were up by 6% in the first quarter of 2019 compared to the same quarter in 2018, the index from the Principality Building Society shows.
The report suggests that first time buyers are making the most of the opportunity of relatively affordable house prices in parts of Wales. House prices across the country have fallen by an average of 0.8% in the first quarter of 2019 and the report says that the decline in quarterly prices has been caused by uncertainty surrounding Brexit, with many buyers and sellers waiting for a clear decision on the future of the country’s position in Europe before committing to the purchase or sale of a property.
Overall, there were 15 local authority areas in Wales where prices fell in the quarter and seven local authorities saw increasing house prices, including the more affordable regions of Neath Port Talbot with a rise of 1.9%, Blaenau Gwent up 1.1% and Merthyr Tydfil up 0.5%.