Average house price in Wales up £14,000 since March
Average house prices in Wales have recorded the highest growth rate in the UK once again, with a jump of £14,000 since March.
According to the latest figures released by the Office for National Statistics, the average UK house price leapt by 15.5% in the 12 months up to the end of July, the biggest increase in 19 years, but 17.6% in Wales, to an average of £220,000.
In the 12 months up to the end of March 2022 it was previously reported house prices jumped by 11.7% to an average of £206,000 in Wales.
The average UK house price was £292,000 in July 2022, which is £39,000 higher than this time last year.
Average house prices increased over the year in England to £312,000 (a 16.4% annual increase), in Wales to £220,000 (17.6%), in Scotland to £193,000 (9.9%) and in Northern Ireland to £169,000 (9.6%).
A temporary “nil rate” tax threshold under the stamp duty holiday in England and Northern Ireland was reduced from July last year, before the holiday was completely phased out from October 2021.
A similar property tax holiday in Wales ended on June 30, 2021 and the equivalent holiday in Scotland ended on March 31, 2021.
Gabriella Dickens, a senior UK economist at Pantheon Macroeconomics, said: “Looking ahead, we expect house prices to fall outright in the second half of the year, given the size of the rise in mortgage rates.”
The report was released as separate figures from the ONS showed that Consumer Prices Index (CPI) inflation reached 9.9% in the year to August, easing from 10.1% the previous month, reflecting a fall in the price of motor fuels.
Simon McCulloch, chief commercial and growth officer at conveyancer platform Smoove, said: “The dynamics of the UK property market continue to be determined to some extent by a lack of supply, which should prop up prices to a degree even in the event of a prolonged recession.”
ONS figures also showed that private rental prices paid by tenants increased by 3.4% in England, 2.5% in Wales and 3.6% in Scotland in the 12 months to August.
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