HOUSE prices in Newport increased by more than the Welsh average for in July, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 5.9 per cent annual growth.
The average Newport house price in July was £186,756, Land Registry figures show – a 1.3 per cent increase on June, and 13 per cent higher than the average price in Wales, £165,000.
MORE NEWS:
- Fundraiser in memory of Katelyn Lazare who died just 15 from bacterial meningitis
- £1 million of police cash for M4 relief road could still be used on alternative schemes
- Westgate Hotel is a 'hive of activity' in preparation for second Newport Rising festival
Over the month, the picture was similar to that across Wales, where prices increased by one per cent, and Newport outperformed the 0.5 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Newport rose by £10,000 – putting the area seventh among Wales’s 22 local authorities for annual growth.
Owners of flats saw the biggest improvement in property prices in Newport in July – they increased 1.8 per cent, to £107,238 on average. Over the last year, prices rose by 4.5 per cent.
Meanwhile, the average detached house price was £316,579 - up 1.2 per cent on the previous month, and 6.1 per cent compared with a year ago, while the average semi-detached house price increased by 1.1 per cent on the previous month and 6.2 per cent on the year before, at £193,971.
Terraced houses in the city increased in value by 1.5 per cent on the previous month and 5.8 per cent on 12 months earlier to £143,156.
Figures also showed first-time buyers in Newport spent an average of £159,500 on their property – £8,800 more than a year ago and £38,700 more than in July 2014.
By comparison, former owner-occupiers paid £218,900 on average in July – 37.3 per cent more than first-time buyers.
Buyers paid 13 per cent more than the average price in Wales (£165,000) in July for a property in Newport. Across Wales, property prices are lower than those across the UK, where the average cost £233,000.
The most expensive properties in Wales were in Monmouthshire – £281,000 on average, and 1.5 times as much as in Newport.
Monmouthshire properties cost three times as much as homes in Blaenau Gwent (£95,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price of £1.3 million could buy 15 properties in Burnley (average £84,000).
The best annual growth in the region was in Merthyr Tydfil, where properties increased on average by 12.8 per cent, to £115,000.
At the other end of the scale, properties in Cardiff gained 1.3 per cent in value, giving an average price of £209,000.
Average property price in July:
Newport: £186,756
Wales: £165,303
UK: £232,710
Annual growth to July:
Newport: +5.9 per cent
Wales: +4.2 per cent
UK: +0.7 per cent
Best and worst annual growth in Wales:
Best: Merthyr Tydfil: +12.8 per cent
Worst: Cardiff: +1.3 per cent
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel