The rise contributes to the longer-term trend, which has seen property prices in the area grow by 4.5% over the last year.
The average Monmouthshire house price in August was £360,805, Land Registry figures show – a 1.2% increase on July.
Over the month, the picture was different to that across Wales, where prices decreased 0.1%, and Monmouthshire was above the 0.3% rise for the UK as a whole.
Over the last year, the average sale price of property in Monmouthshire rose by £16,000 – putting the area second among Wales’s 22 local authorities with price data for annual growth.
The highest annual growth in the region was in the Vale of Glamorgan, where property prices increased on average by 8%, to £330,000. At the other end of the scale, properties in Pembrokeshire lost 7.5% of their value, giving an average price of £225,000.
First steps on the property ladder
First-time buyers in Monmouthshire spent an average of £278,000 on their property – £11,000 more than a year ago, and £73,000 more than in August 2018.
By comparison, former owner-occupiers paid £421,000 on average in August – 51.3% more than first-time buyers.
Owners of semi-detached houses saw the biggest rise in property prices in Monmouthshire in August – they increased 1.4%, to £300,316 on average. Over the last year, prices rose by 4.5%.
Among other types of property:
- Detached: up 1.2% monthly; up 4.9% annually; £524,542 average
- Terraced: up 1.1% monthly; up 3.4% annually; £242,370 average
- Flats: up 0.3% monthly; up 5.2% annually; £172,367 average
How do property prices in Monmouthshire compare?
Buyers paid more for properties in Monmouthshire than anywhere else in Wales in August. The average price paid would buy 2.9 homes in Blaenau Gwent (£124,000), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea (£1.4 million).
Across Wales, property prices are low compared to those across the UK, where the average cost is £291,000.
Average property price in August
- Monmouthshire: £360,805
- Wales: £216,726
- UK: £291,044
Annual change to August
- Monmouthshire: +4.5%
- Wales: -0.1%
- UK: +0.2%
Highest and lowest annual growth in Wales
- The Vale of Glamorgan: +8%
- Pembrokeshire: -7.5%