House prices dropped by 2.5% in Powys in May, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.5% annual decline.

The average Powys house price in May was £232,846. Land Registry figures show a 2.5% decrease on April.

Over the month, the picture was different to that across Wales, where prices increased 2.5%, and Powys was lower than the 1.2% rise for the UK as a whole.

Over the last year, the average sale price of property in Powys fell by £1,100 – putting the area 16th among Wales’s 22 local authorities with price data for annual growth.

The highest annual growth in the region was in Blaenau Gwent, where property prices increased on average by 9%, to £138,000. At the other end of the scale, properties in Merthyr Tydfil lost 14.5% of their value, giving an average price of £129,000.

First steps on the property ladder

First-time buyers in Powys spent an average of £205,040 on their property – £250 less than a year ago, but £42,990 more than in May 2019.

By comparison, former owner-occupiers paid £259,080 on average in May – 26.4% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Powys in May – they dropped 3% in price, to £162,596 on average. But over the last year, prices rose by 0.1%.

Among other types of property:

  • Detached: down 2.2% monthly; down 1.3% annually; £308,333 average
  • Semi-detached: down 2.6% monthly; up 0.8% annually; £209,298 average
  • Flats: down 3% monthly; down 3.2% annually; £96,897 average

How do property prices in Powys compare?

Buyers paid 7.8% more than the average price in Wales (£216,000) in May for a property in Powys. Across Wales, property prices are low compared to those across the UK, where the average cost is £285,000.

The most expensive properties in Wales were in Monmouthshire – £332,000 on average, and 1.4 times the price as in Powys. Monmouthshire properties cost 2.6 times the price as homes in Merthyr Tydfil (£129,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in May

  • Powys: £232,846
  • Wales: £216,002
  • UK: £285,201

Annual change to May

  • Powys: -0.5%
  • Wales: +2.4%
  • UK: +2.2%

Highest and lowest annual growth in Wales

  • Blaenau Gwent: +9%
  • Merthyr Tydfil: -14.5%