House prices dropped by 1.2% – more than the average for Wales – in Powys in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 4.5% over the last year.

The average Powys house price in March was £245,202, Land Registry figures show – a 1.2% decrease on February.

Over the month, the picture was different to that across Wales, where prices decreased 0.6%.

Over the last year, the average sale price of property in Powys rose by £11,000 – 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 Neath Port Talbot, where property prices increased on average by 11.2%, to £167,000. At the other end of the scale, properties in Gwynedd lost 3.8% of their value, giving an average price of £198,000.

First steps on the property ladder

First-time buyers in Powys spent an average of £213,800 on their property – £8,600 more than a year ago, and £53,800 more than in March 2018.

By comparison, former owner-occupiers paid £275,200 on average in March – 28.7% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices Powys in March – they dropped 1.6% in price, to £167,773 on average. But over the last year, prices rose by 4.3%.

Among other types of property:

  • Detached: down 0.9% monthly; up 4.8% annually; £331,665 average
  • Semi-detached: down 1.2% monthly; up 4.4% annually; £216,849 average
  • Flats: down 1.3% monthly; up 1.9% annually; £98,639 average

How do property prices in Powys compare?

Buyers paid 14.5% more than the average price in Wales (£214,000) in March for a property in Powys. Across Wales, property prices are higher than those across the UK, where the average cost £285,000.

The most expensive properties in Wales were in Monmouthshire – £358,000 on average, and 1.5 times as much as more than in Powys. Monmouthshire properties cost 2.7 times as much as homes in Blaenau Gwent (£135,000 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 March

  • Powys: £245,202
  • Wales:£214,174
  • UK: £285,009

Annual growth to March

  • Powys: +4.5%
  • Wales: +4.8%
  • UK: +4.1%

Highest and lowest annual growth in Wales

  • Neath Port Talbot: +11.2%
  • Gwynedd: -3.8%