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House prices in the Vale up by more than the Welsh average

HOUSE prices increased by 4.1 per cent – more than the average for Wales – in the Vale of Glamorgan in October, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 20 per cent annual growth.

The average the Vale of Glamorgan house price in October was £285,325, Land Registry figures show – a 4.1 per cent increase on September.

Over the month, the picture was better than that across Wales, where prices increased 2.6 per cent, and the Vale of Glamorgan outperformed the 1.1 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in the Vale of Glamorgan rose by £48,000 – putting the area third among Wales’s 22 local authorities with price data for annual growth.

The best annual growth in Wales was in Merthyr Tydfil, where property prices increased on average by 24.8 per cent, to £138,000. At the other end of the scale, properties in Powys gained just 8.2 per cent in value, giving an average price of £216,000.

Owners of detached houses saw the biggest improvement in property prices in the Vale of Glamorgan in October – they increased five per cent, to £481,847 on average. Over the last year, prices rose by 23.3 per cent.

Among other types of property:

  • Semi-detached: up four per cent monthly; up 19 per cent annually; £290,063 average;
  • Terraced: up 3.9 per cent monthly; up 19.7 per cent annually; £223,876 average;
  • Flats: up 3.1 per cent monthly; up 15.2 per cent annually; £168,988 average.

First-time buyers in the Vale of Glamorgan spent an average of £236,000 on their property – £38,000 more than a year ago, and £65,000 more than in October 2016.

By comparison, former owner-occupiers paid £329,000 on average in October – 39.8 per cent more than first-time buyers.

Buyers paid 40.4 per cent more than the average price in Wales (£203,000) in October for a property in the Vale of Glamorgan. Across Wales, property prices are high compared to those across the UK, where the average cost £268,000.

The most expensive properties in Wales were in Monmouthshire – £325,000 on average, and 1.1 times as much as more than in the Vale of Glamorgan. Monmouthshire properties cost 2.7 times as much as homes in Blaenau Gwent (£122,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Average property price in October:

  • The Vale of Glamorgan: £285,325
  • Wales: £203,224
  • UK: £268,349

Annual growth to October:

  • The Vale of Glamorgan: +20 per cent
  • Wales: +15.5 per cent
  • UK: +10.2 per cent

Best and worst annual growth in Wales:

  • Merthyr Tydfil: +24.8 per cent
  • Powys: +8.2 per cent

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