Powys house prices dropped slightly in AprilHouse prices dropped slightly, by 0.6%, in Powys in April, new figures show.
House prices dropped slightly, by 0.6%, in Powys in April, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 16.9% over the last year.
An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.
The need for larger deposits and constraints on accessing mortgages have pushed homeownership further out of reach for many first-time buyers – despite Government figures showing 50% of renters would be able to afford the monthly payments.
In a recent major speech in Blackpool, Prime Minister Boris Johnson announced a “comprehensive review” of the mortgage market would take place in a bid to help more people onto the property ladder.
The average Powys house price in April was £238,189, Land Registry figures show – a 0.6% decrease on March.
Over the month, the picture was different to that across Wales, where prices increased 2.2%, and Powys was lower than the 1.1% rise for the UK as a whole.
Over the last year, the average sale price of property in Powys rose by £35,000 – putting the area ninth among Wales’s 22 local authorities with price data for annual growth.
The highest annual growth in the region was in Ceredigion, where property prices increased on average by 23%, to £260,000. At the other end of the scale, properties in Denbighshire gained just 9.2% in value, giving an average price of £195,000.
First steps on the property ladder
First-time buyers in Powys spent an average of £208,000 on their property – £30,000 more than a year ago, and £58,000 more than in April 2017.
By comparison, former owner-occupiers paid £267,000 on average in April – 28.1% more than first-time buyers.
Owners of flats saw the biggest fall in property prices Powys in April – they dropped 1.2% in price, to £97,005 on average. But over the last year, prices rose by 11.6%.
Among other types of property:
- Detached: down 0.6% monthly; up 18% annually; £321,612 average
- Semi-detached: down 0.7% monthly; up 17% annually; £210,554 average
- Terraced: down 0.5% monthly; up 15.5% annually; £163,316 average
How do property prices in Powys compare?
Buyers paid 12.4% more than the average price in Wales (£212,000) in April for a property in Powys. Across Wales, property prices are higher than those across the UK, where the average cost £281,000.
The most expensive properties in Wales were in Monmouthshire – £346,000 on average, and 1.5 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.
Average property price in April
- Powys: £238,189
- UK: £281,161
Annual growth to April
- Powys: +16.9%
- Wales: +16.2%
- UK: +12.4%
Highest and lowest annual growth in Wales
- Ceredigion: +23%
- Denbighshire: +9.2%