House prices increased by 0.9% – more than the average for Wales – in Powys in March, new figures show, writes Radar data reporter Katie Williams.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 15.6% annual growth.

The average Powys house price in March was £243,443, Land Registry figures show – a 0.9% increase on February.

Over the month, the picture was better than that across Wales, where prices increased 0.4%, and Powys outperformed the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Powys rose by £33,000 – putting the area eighth among Wales’s 22 local authorities with price data for annual growth.

The best annual growth in the region was in the Vale of Glamorgan, where property prices increased on average by 24.3%, to £313,000. At the other end of the scale, properties in Denbighshire gained just 7.9% in value, giving an average price of £193,000.

Winners and Losers

Owners of semi-detached houses saw the biggest improvement in property prices in Powys in March – they increased 1.2%, to £215,227 on average. Over the last year, prices rose by 15.7%.

Among other types of property:

  • Detached: up 1% monthly; up 16.9% annually; £329,139 average
  • Terraced: up 0.7% monthly; up 14% annually; £166,456 average
  • Flats: down 0.1% monthly; up 10.6% annually; £99,261 average

First steps on the property ladder

First-time buyers in Powys spent an average of £213,000 on their property – £28,000 more than a year ago, and £62,000 more than in March 2017.

By comparison, former owner-occupiers paid £273,000 on average in March – 28.3% more than first-time buyers.

How do property prices in Powys compare?

Buyers paid 18% more than the average price in Wales (£206,000) in March for a property in Powys. Across Wales, property prices are higher than those across the UK, where the average cost £278,000.

The most expensive properties in Wales were in Monmouthshire – £342,000 on average, and 1.4 times as much as more than in Powys. Monmouthshire properties cost 2.7 times as much as homes in Blaenau Gwent (£126,000 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 March

  • Powys: £243,443
  • Wales: £206,395
  • UK: £278,436

Annual growth to March

  • Powys: +15.6%
  • Wales: +11.7%
  • UK: +9.8%

Best and worst annual growth in Wales

  • The Vale of Glamorgan: +24.3%
  • Denbighshire: +7.9%