House prices increased more than average for Wales in Powys in May, new figures show.

​The ​boost ​contributes to the longer-term trend, which has seen property prices in the area ​achieve 8.3 per cent annual growth​, hitting £199,443 according to Land Registry figures. That was a 4.7 per cent jump compared with April.

Over the month, the picture was ​better than that across Wales, where prices ​increased 1.7 per cent​, and Powys outperformed the 0.3 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Powys ​​rose by £15,000 – putting the ​area second among Wales’s 22 local authorities for annual growth.

​The best annual growth in the region was in Blaenau Gwent, where properties increased on average by 11.2 per cent, to £101,000. ​At the other end of the scale, properties in Gwynedd dropped 3.4 per cent in value, giving an average price of £154,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in Powys in May – they increased 5.1 per cent, to £88,205 on average. Over the last year, prices rose by seven per cent.

Among other types of property:

  • Detached: up 4.6 per cent monthly; up 8.2 per cent annually; £265,224 average
  • Semi-detached: up 4.9 per cent monthly; up 8.6 per cent annually; £177,205 average
  • Terraced: up 4.6 per cent monthly; up 8.4 per cent annually; £138,684 average

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First steps on the property ladder

First-time buyers in Powys spent an average of £​175,000 on their property – ​£13,000 more than a year ago, ​and ​£37,000 more than in May 2015.

By comparison, former owner-occupiers paid £​222,000 on average in May​ – 26.6% more than first-time buyers.

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How do property prices in Powys compare?

Buyers paid 17.7% more than the average price in Wales (£169,000) in May for a property in Powys. Across Wales, property prices are lower than those across the UK, where the average cost £236,000.

The most expensive properties in Wales were in Monmouthshire – £276,000 on average, and 1.4 times as much as in Powys. Monmouthshire properties cost 2.7 times as much as homes in Blaenau Gwent (£101,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average May sale price of £1.4 million could buy 16 properties in Burnley (average £88,000).

Factfile

Average property price in May

  • Powys: £199,443
  • Wales: £169,436
  • UK: £235,673

Annual growth to May

  • Powys: +8.3%
  • Wales: +4.8%
  • UK: +2.9%

Best and worst annual growth in Wales

  • Blaenau Gwent: +11.2%
  • Gwynedd: -3.4%