The average house price in Powys is now £208,241 and this has risen by 4.1 per cent in the last three months (July - September).

The figures have been released as part of the Principality’s House Price Index which also shows that the average house price in Wales is the slightly more modest £191,006.

However, the building society says Wales continues to buck the trend seen across England as the average house price in Wales has climbed to reach a record peak.

The number of sales also increased by 5.6 per cent in Wales (during the third quarter of 2019, compared with the third quarter of 2018), suggesting people in Wales aren’t being put off by uncertainty around Brexit when buying a home.

House prices have risen in Wales by just over two per cent both quarterly and annually, but the average house price remains approximately 40 per cent lower than in England, where the average price is £305,000.

Tom Denman, chief financial officer at Principality Building Society said: “First time buyers, holiday lets and people seemingly not allowing the shadow of Brexit to deter them, means average house prices in Wales continue to buck the trend seen in regions across England. It also seems home movers are continuing to buy higher value properties and overall house sales are up compared to the same quarter in 2018.

“The growth in average house prices is underpinned by historically low interest rates, a shortage of housing supply and relatively high employment. It will be interesting to see if this upward trend continues for the rest of the year as Brexit negotiations reach a critical stage.”