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Average house price in Wales reaches new high of 174,319



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Credit: PA images

The average house price in Wales has reached a new high of 174,319 during the first quarter of the year.

The figures come from the Principality's first house price index for Wales.

It also found that the annual rate of growth is at its lowest for four years.

The slow rate of growth is being put down to what the building society has called an 'exceptional three-month period' from January to March this year, where house prices across the country climbed ahead of the introduction of the 3% surcharge in stamp duty on second homes and buy-to-let properties.

Average house prices have been climbing over the last four years and now stand 2.5% above the levels seen in the second half of 2007.

The upward movement in prices over this period has been assisted by low interest rates.

While the average house price in Wales has steadily climbed to reach a new high, there are signs that the market is cooling slightly. While higher employment, consumer confidence and low interest rates have helped to keep the market demand steady, a rise in the cost of living could result in house prices growing at a more modest rate during the rest of the year.

Tom Denman, Interim Finance Director at Principality Building Society

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