House prices in Monmouthshire fall by 4.5 per cent but it's still the most expensive place in Wales to buy a home

By Staff reporter in Community News

House prices in Monmouthshire have fallen by 4.5 per cent in the second quarter of 2017 according to figures newly released by the Principality Building Society.

However, the county is still the most expensive area in Wales in which to buy a property with prices averaging £243,231.

The general election heralded a turning point in prices; before the nation went to the polls the market had been holding its own locally with prices up by 0.8% on 2016.

Tom Denman, Chief Financial Officer at the Principality, said: ‘In general terms the housing market tends to adopt a cautious attitude when the future direction of the economy becomes uncertain.

‘The cost of living is rising, which means consumers need to spend more just to maintain their current standard of living. This is a significant extra pressure for those who are saving for a deposit.’

In contrast to Monmouthshire’s drop, prices in Blaenau Gwent have risen in the same period by 3.6%. Despite this, the County’s average house prices are still the lowest in Wales at £96,197.

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