House prices in Wales hit a record high at the end of 2022. The average house price in Wales peaked at £249,076 in Q4 last year, according to the Principality Building Society's latest Welsh House Price Index.
While this was 9.9% higher than the previous year, it was the weakest annual price rise in Wales since early 2022 and points towards a more subdued outlook for the Welsh housing market in 2023 as cost of living, higher interest rates and stagnant earnings affect incomes.
Prices also rose by a modest 1.3% between October and December 2022 - one of the lowest quarterly increases since early 2020 and reinforcing that the strong quarterly rate of house price inflation reported a year ago has dissipated considerably.
