HOUSE prices increased in Powys in August, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 6.6 per cent annual growth.
The average Powys house price in August was £195,315, Land Registry figures show – a 1.1 per cent increase on July.
Over the month, the picture was less good than that across Wales, where prices increased 2.1% per cent, but Powys outperformed the 0.7 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Powys rose by £12,000 – putting the area third among Wales’s 22 local authorities for annual growth.
The best annual growth in the region was in Ceredigion, where properties increased on average by 8.8 per cent, to £199,000. At the other end of the scale, properties in Rhondda Cynon Taf dropped 1.3 per cent in value, giving an average price of £116,000.
Winners and Losers
Owners of detached houses saw the biggest improvement in property prices in Powys in August – they increased 1.2 per cent, to £259,312 on average. Over the last year, prices rose by 6.3%.
Among other types of property:
Terraced: up 1% monthly; up 6.6% annually; £135,971 average
Flats: down 0.4% monthly; up 2.3% annually; £84,005 average
First steps on the property ladder
First-time buyers in Powys spent an average of £172,000 on their property – £11,000 more than a year ago, and £28,000 more than in August 2015.
By comparison, former owner-occupiers paid £218,000 on average in August – 26.6 per cent more than first-time buyers.
How do property prices in Powys compare?
Buyers paid 13.0 per cent more than the average price in Wales (£173,000) in August for a property in Powys. Across Wales, property prices are lower than those across the UK, where the average cost £239,000.
The most expensive properties in Wales were in Monmouthshire – £294,000 on average, and 1.5 times as much as in Powys. Monmouthshire properties cost three times as much as homes in Blaenau Gwent (£100,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average August sale price of £1.4 million could buy 15 properties in Burnley (average £91,000).
Factfile
Average property price in August
Powys: £195,315
Wales: £172,828
UK: £239,196
Annual growth to August
Powys: +6.6%
Wales: +2.7%
UK: +2.5%
Best and worst annual growth in Wales
Ceredigion: +8.8%
Rhondda Cynon Taf: -1.3%
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