The average house price in Monmouthshire has broken records, as the county council deals with a growing housing issue.

Releasing the figures this week, analysts at Principality Building Society said buyers in Monmouthshire are facing an average £290,437 asking price—cementing the county as one of the most expensive in Wales.

The firm’s Wales House Price Index found between October and December of last year that many buyers are swarming over the toll-free Severn bridge to find better value than in Bristol, where the average home now costs £325,000.

Tom Denman, chief financial officer at Principality said, “There are a number of possible reasons why Welsh house prices are at an all-time high—interest rates are currently close to their historic low, the number of people in work is near an all-time high while average weekly earnings have risen above the rate of inflation.

“Welsh Government housing schemes have also helped would-be property owners onto, and up, the housing ladder.”

Three areas achieved new record average prices in December 2018—Monmouthshire (£290,437), Newport (£199,046) and Caerphilly (£155,672).

House prices in Wales reached an all-time peak, with the average house price across the country now £186,699, with six local authorities seeing annual increases of six per cent or or higher —Torfaen (8.7%), Caerphilly (7.5%), Blaenau Gwent (7.2%), Newport (6.5%), Monmouthshire (6.1%) and the Vale of Glamorgan (6.0%).

Analysts claimed thos south-Eastern authorities (all but Vale of Glamorgan) were reaping the benefits of Severn Bridge toll abolition. 

 

“We know from a recent survey we did that a quarter of people in Wales admit Brexit is affecting whether they buy or sell a home. Brexit has undoubtedly affected the market but so far hasn’t dampened the market in Wales as much as England, with the number of property sales estimated to be on a par with last year,” said Mr Denman.

“Affordability of homes in the country compared to areas of south-west England is likely to have helped growth, along with supply and demand.”

 

The three local authority areas that have seen average house prices fall over the last year are Pembrokeshire (-1.4%), Denbighshire (-1.9%) and Neath Port Talbot (-2.4%).