House prices increased by 2.1% in Monmouthshire in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 11.1% annual growth.

The average Monmouthshire house price in February was £364,643, Land Registry figures show – a 2.1% increase on January.

Over the month, the picture was better than that across Wales, where prices decreased 0.6%, and Monmouthshire outperformed the 1% drop for the UK as a whole.

Over the last year, the average sale price of property in Monmouthshire rose by £36,000 – putting the area fourth among Wales’s 22 local authorities with price data for annual growth.

The best annual growth in the region was in Carmarthenshire, where property prices increased on average by 14.8%, to £214,000. At the other end of the scale, properties in Gwynedd lost 1.3% of their value, giving an average price of £201,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Monmouthshire in February – they increased 2.5%, to £530,791 on average. Over the last year, prices rose by 11.1%.

Among other types of property:

First steps on the property ladder

First-time buyers in Monmouthshire spent an average of £281,000 on their property – £28,000 more than a year ago, and £88,000 more than in February 2018.

By comparison, former owner-occupiers paid £426,000 on average in February – 51.3% more than first-time buyers.

How do property prices in Monmouthshire compare?

Buyers paid more for properties in Monmouthshire than anywhere else in Wales in February. The average price paid would buy 2.7 homes in Blaenau Gwent (£137,000), at the other end of the scale.

The highest property prices across the UK were in 160.

Across Wales, property prices are high compared to those across the UK, where the average cost £288,000.

Factfile

Average property price in February

Annual growth to February

Best and worst annual growth in Wales