The average house price in Wales has fallen to £245,101 in the first quarterly decline since the Covid pandemic. According to the latest Wales House Price Index from the Principality Building Society in the first three months of 2023 it was down 1.6% on the record high of just over £249,000 in the final quarter of 2022.
Compared to the same period last year the latest figures still represent an annual price rise is 5%, but half the rate of three months earlier and the lowest annual increase since 2020.
This subdued picture is reflected across Wales in the first quarter of this year (Q1) with more local authorities reporting quarterly price falls than increases. Only four of the 22 local authorities in Wales reported new peak prices – Blaenau Gwent, Newport, Vale of Glamorgan and Torfaen.
