IT’S hardly surprising in the current economic climate that house prices in Gwent and across the rest of the UK have taken a hammering.

The annual rate at which house prices in England and Wales are falling nearly doubled during September to hit a record of 8 per cent with the average value of a home dropping by a further 2.2 per cent during the month to £168,814, according to the Land Registry.

In Newport there is a mixed picture with estate agents reporting drops of anything up to 20 per cent while some areas like Caerleon appear to be holding up and weathering the storm.

Sales levels are continuing to tumble as potential buyers sit on their hands in the hope of cashing in on further price falls.

However, the current gloom may be good news for some buyers because they may now be able to pick up a bargain if they have been able to raise the finance they need.

The good times many people had on the back of the property boom were never going to last forever and it would be a very unwise person who thought differently.

Anyone who is not forced to move at the moment would be wise to sit tight.

Prices will inevitably rise again at some point in the future.

Until then there will be winners and losers.