The average house price in Wales has reached a new peak of £249,076. However, according to new research from the Principality Building Society, cost of living pressures, higher interest rates and stagnant earnings are expected to contribute to a market slowdown.
The record average house comes in the mutual’s latest Wales House Price Index for Q4 2022 (October-December).
Despite an almost double-digit price rise – 9.9% - when compared to the same period the previous year, it is the weakest annual price rise in Wales since early 2022 - pointing to a more subdued outlook for the housing market in 2023.
