House prices increased by 4.1% – more than the average for Wales – in Powys in August, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 1.4% annual decline.

The average Powys house price in August was £238,184. Land Registry figures show a 4.1% increase on July.

Over the month, the picture was different to that across Wales, where prices increased 2.6%, and Powys was above the 1.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Powys fell by £3,300 – 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 7.4%, to £135,000. At the other end of the scale, properties in Gwynedd lost 3.4% of their value, giving an average price of £201,000.

First steps on the property ladder

First-time buyers in Powys spent an average of £210,700 on their property – £1,000 less than a year ago, but £49,600 more than in August 2019.

By comparison, former owner-occupiers paid £264,000 on average in August – 25.3% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Powys in August – they increased 5.2%, to £100,864 on average. Over the last year, prices dropped by 1.7%.

Among other types of property:

  • Detached: up 3.5% monthly; down 2.8% annually; £312,196 average
  • Semi-detached: up 4.2% monthly; down 0.1% annually; £213,977 average
  • Terraced: up 4.9% monthly; down 0.1% annually; £168,984 average

How do property prices in Powys compare?

Buyers paid 6.8% more than the average price in Wales (£223,000) in August for a property in Powys. Across Wales, property prices are low compared to those across the UK, where the average cost is £293,000.

The most expensive properties in Wales were in Monmouthshire – £354,000 on average, and 1.5 times the price as in Powys. Monmouthshire properties cost 2.6 times the price 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 August

  • Powys: £238,184
  • Wales: £222,925
  • UK: £292,924

Annual change to August

  • Powys: -1.4%
  • Wales: +3.5%
  • UK: +2.8%

Highest and lowest annual growth in Wales

  • Blaenau Gwent: +7.4%
  • Gwynedd: -3.4%