HOUSE prices are on the slide in much of Gwent, according to figures released yesterday.

Statistics from the Land Registry showthat the average cost of completed house sales in Newport, Blaenau Gwent, Caerphilly and Monmouthshire counties fell between May 2011 and the year before.

Despite the downturn in prices one estate agent says his firm is still seeing more business than the year before – and said there has been an upsurge in firsttime buyers.

Blaenau Gwent recorded the largest year on year fall – with the average price of house sales dropping 14.3 per cent from £82,707 inMay 2010 to £70,893 in May 2011.

The average also fell from the previous month by 2.4 per cent, from £72,646.

In Newport average house prices fell by 5.1 per cent from last year, dropping from£123,159 to £116,862 and by 1.7 per cent on the month before, from £118,886.

Caerphilly county saw a year-on-year drop of 2.6 per cent, from £101,637 to £98,985, and a month-onmonth fall of 1.9 per cent from £100,908.

Monmouthshire saw slight falls of 1.1 per cent month on month, from £176,464 to £174,449, and 0.5 per cent, from in £175,393 in May 2010.

Torfaen was the only council area to record an increase in its average house price, rising 13.7 per cent month on month from £102,260 to £116,243, and a year-on-year increase of 5.8 per cent from £109,856.

Mark Roberts, managing director of Roberts and Co, said, however, that his firm has seen its business rise by 30 per cent year on year.

“I think it shows that there is confidence in the market,”

he said. “I think people have more access to funds.

“Building societies have starting doing 95 per cent mortgages again. It’s helping a lot.”

He suggested that average house prices may be lower as a result of more first-time buyers coming into the market, who may be attracted to cheaper properties.