HOUSE prices in Caerphilly have risen by the highest percentage in Gwent over the 12 months.

The average house price in Caerphilly has increased £27,111 – or 16.4 per cent – between October 2021 and October 2022, according to land registry figures.

This means the figure now stands at £192,019, having been £164,908 last year.

These latest figures come as the average UK house price reached a record high in October – rising 12.6 per cent from a year earlier to £296,000.

This has led to one economist saying there is currently “considerable uncertainty” in the housing market, with a fall in prices expected in the coming months.

South Wales Argus:

Homes in Monmouthshire have seen the highest monetary increase in value across Gwent, at almost £40,000.

The average house price is now £359,922, as of October, having risen £39,245 (12.2 per cent) since the same point last year.

Blaenau Gwent saw average property price rises of £18,824 – 16 per cent up on last year – to now stand at £136,545.

Properties in Torfaen rose from £182,936 to £203,155 on average in the 12 month period – an 11.1 per cent increase.

Only in Newport did the average house price rise by less than 10 per cent, with the £18,048 rise to £234,975 marking an 8.3 per cent increase.

Across Wales, the average house price increased by 11.8 per cent between October 2021 and October 2022, reaching £224,000.

Earlier this week Halifax reported Newport had seen one of the slowest increases in house pricess across the whole of the UK - although this study was based on different data and therefore the figures vary.

Jamie Durham, an economist at PwC UK, told the PA News Agency: “Given the current economic conditions, there is considerable uncertainty in the outlook for the housing market.

“However, stretched household finances, rising interest rates and a likely recession means a decline in house prices does look likely over the coming months.”

Tom Bill, head of UK residential research at Knight Frank, said: “Despite today’s figures, double-digit UK house price growth is now a thing of the past.

“Even as the reverberations of the mini-budget fade, a more adverse lending landscape is emerging after 13 years of ultra-low rates.

“When the spring market gets under way next March, mortgage rates will be more than two percentage points higher than at the same point in 2022.

“This will keep transaction volumes in check and means price declines will become more prevalent.

“Knight Frank expects UK prices to fall by 10 per cent over the next two years, taking them back to where they were in summer 2021.”