House prices in Newport have increased slightly, according to new figures from Principality Building Society.

The society’s Wales House Price Index showed that in the third quarter of 2024 prices in the city rose to an average price of £244,234 compared to £242,770 in the last quarter. 

The slight rise in Newport comes as the average price of a home in Wales dropped to about £232,400 in the third quarter of 2024 – 2.9 per cent below October 2023 figures and almost seven per cent below its peak of £249,000 at the end of 2022.

Despite the overall downward trend in prices, there were around 11,200 transactions in Wales in the third quarter of 2024, 18 per cent more than in the second quarter and 11 per cent up on the same period a year ago.

Shaun Middleton, head of distribution at Principality Building Society, said: “The third quarter of 2024 signifies a slow and steady recuperation of the housing market, despite house prices adjusting slightly down in the third quarter, following an uptick in the second.

“Across Wales, developments at authority level are mixed, reporting no-clear direction with house price trends. Nevertheless, there is a clear upward trend in sales, demonstrating that market activity is overall looking positive.”

He said: “Accounting for seasonal impacts such as the general election and time of year, the data supports a gradual market upturn, with Wales showing glimmers of steady improvement."