HOUSE PRICES in Conwy have risen by the fastest annual rate across North Wales, reaching a record high during the first quarter of 2022 (January-March) of £239,159.
Conwy has seen an 11.8 per cent rise in prices in figures released from Principality Building Society’s Wales House Price Index for Q1 2022, which demonstrates the rise and fall in house prices in each of the 22 local authorities in Wales.
Flintshire (£225,324), Gwynedd (£229,967) and Wrexham (£219,661) also reached peak prices in Q1 rising by 6.1 per cent, 8.7 per cent and 10.3 per cent respectively when compared with the same time last year.
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Denbighshire stands out as the only local authority in Wales to record a decrease in house prices annually, dropping by 5.9 per cent to £197,452.
Prices also dropped in Denbighshire over the quarter by 4.1 per cent, a pattern which has continued for several quarters since its peak price in June 2021.
Across Wales, house prices rose by 3 per cent in the first quarter of 2022 and by 9.7 per cent annually to a new record average price of £233,361.
However, transactions in the first quarter are estimated to have been 4 per cent lower than a year earlier, the second quarter in a row of lower sales.
Tom Denman, Chief Financial Officer at Principality Building Society, said: “Despite the strong headline performance, the underlying data gives some support to the view that the market in Wales may be beginning to slow.
“With cost-of-living pressures mounting and consumer confidence falling, it is possible that demand within Wales is moderating.
“None of this should be taken to mean that the market is moving into recession, far from it, but there is a sense here of a slowing market.
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“The question now is whether households will hold back either entering the housing market or trading up due to the current uncertain conditions.”
“The so-called ‘race for space’ prompted by the pandemic has slowed, with a significant drop in sales of detached houses compared with a year earlier, down from 4,200 to 3,100.
“The number of semis sold is also lower than a year ago, down ten per cent, while the sale of flats has risen sharply by 26 per cent.”
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