Swansea records largest house price increase in Wales

Swansea has recorded the strongest house price inflation in Wales in 2022, according to new analysis.

The average house price in Swansea is now £265,379, up by 17.5% on last year and ranking it the third biggest increase in the UK.

Newport recorded the weakest annual growth in Wales with an average house costing £247,245, up by 2.3%.

The cost of a typical property in Wales now stands at £257,695 which is an increase of 8.7% on last year, according to Halifax.

York took the top spot across the UK, with Woking ranking second and Swansea making up the top three.

It’s thought Yorkshire became a popular location for buyers during the pandemic when family ties drove people into more affordable areas.

Growth

Kim Kinnaird, mortgages director at Halifax, said: “Overall 2022 was another year of rapid house price growth for most areas in the UK.

“And unlike many years in the past, the list isn’t dominated by towns and cities in the South East.

“While existing homeowners will welcome the increased value of their home, such a jump makes it much more challenging for those looking to step on to the property ladder or move into the city.”

London recorded comparatively smaller house price inflation than Wales with a 7.2% annual rise.

This is thought to be partly due to pandemic-driven shifts in housing preferences as buyers seek bigger properties further away from urban centres.

Tom Bill, head of UK residential research at estate agent Knight Frank, said: “This year saw the ‘escape to the country’ trend wind down while the return to towns and cities gathered pace.

“Meanwhile, the strength of south-east England underlines the gravitational pull of the capital as the economy reopens.

“London prices were more muted due to affordability constraints that predate the pandemic, which mean prices in the commuter belt and beyond should continue to outperform the capital in the medium-term.”