House prices increased by 1.1% – more than the average for Wales – in Powys in May, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 17.3% over the last year.

The average Powys house price in May was £240,904, Land Registry figures show – a 1.1% increase on April.

Over the last year, the average sale price of property in Powys rose by £36,000 – putting the area fourth among Wales’s 22 local authorities with price data for annual growth.

Sarah Coles, senior personal finance analyst at financial advice company Hargreaves Lansdown, said: “The average house price hit another record high in May, and rose faster than any time since the peak in June last year.

"However, we’re starting to see small changes in the market, which are likely to mean weaker growth in the coming months, especially if interest rates are hiked in August."

First steps on the property ladder

First-time buyers in Powys spent an average of £211,000 on their property – £30,000 more than a year ago, and £62,000 more than in May 2017.

By comparison, former owner-occupiers paid £270,000 on average in May – 28.2% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Powys in May – they increased 1.2%, to £325,309 on average. Over the last year, prices rose by 18.5%.

Among other types of property:

  • Semi-detached: up 0.9% monthly; up 17.1% annually; £212,442 average
  • Terraced: up 1.1% monthly; up 16.1% annually; £165,574 average
  • Flats: up 0.6% monthly; up 12% annually; £97,928 average

How do property prices in Powys compare?

Buyers paid 13.4% more than the average price in Wales (£212,000) in May for a property in Powys. Across Wales, property prices are higher than those across the UK, where the average cost £283,000.

The most expensive properties in Wales were in Monmouthshire – £340,000 on average, and 1.4 times as much as more than in Powys. Monmouthshire properties cost 2.6 times as much as homes in Blaenau Gwent (£132,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in May

  • Powys: £240,904
  • Wales: £212,414
  • UK: £283,496

Annual growth to May

  • Powys: +17.3%
  • Wales: +14.4%
  • UK: +12.8%

Highest and lowest annual growth in Wales

  • The Vale of Glamorgan: +24.8%
  • Denbighshire: +6.9%