Wales sees first rise in house prices in more than a year

Average prices rose by more than £7,100 in the first quarter of 2024

House prices in Wales have risen for the first time in more than a year, according to the Principality building society.

Its regular house price index puts the price of an average house at £236,369.

The society said it was now seeing a recovery after five consecutive quarters of falling prices.

But it was still 2.4% lower than the same period in 2023.

The building society said the majority of council areas in Wales reported higher prices between April and June for the first time since 2022.

Some areas still saw a drop in prices, including Wrexham, Powys and Merthyr Tydfil.

But average prices in Bridgend hit £250,000 and a new peak.

Shaun Middleton, head of distribution at the Principality, said the increase marked a "significant turnaround" and suggested the housing market may be stabilising.

"The last few years have marked the most challenging housing market conditions since the global financial crisis in 2008," he said.

Mr Middleton said first-time buyers had encountered the toughest conditions in about 70 years.

He said with government commitments to house building, and in Wales to more social housing for rent, he expected house prices to increase, with a higher volume of transactions "supported by better economic conditions, increased affordability and growing buyer interest".

This is the first time that prices have increased since December 2022, when the peak average price of £249,000 was recorded.

There were 10,200 transactions in Wales between April and June, which is 24% more than between January and March and 16% up on the same period a year ago.