A UK bank has revealed that house price growth in Wales has slowed by two-thirds in the past month.
Halifax, which tracks house prices through its monthly House Price Index, has released data showing which regions saw the fastest and slowest growth in property prices.
Across the UK, all regions saw a decrease in growth, with UK-wide house price growth dropping from 2.1 per cent in December to 1.9 per cent in January, meaning that the average house price is now £281,684.
Over the past few years, Wales has recorded some of the strongest annual house price inflation, but has now seen its growth fall from six per cent in December to two per cent in January.
This has caused the average house price in Wales to fall too, down from a peak of £224,210 in August to £210,275 in January.
Wales saw the biggest fall in house price growth across the UK, but still has a higher average house price than other home nations, with Scotland recording averages of £197,784, and Northern Ireland’s prices averaging £183,935.
A Halifax spokesperson commented: “Wales recorded some of the UK’s strongest house price inflation in recent years, driven largely by the race for space as buyers sought bigger houses further from urban centres.
“So as that effect fades and the housing market slows right across the UK, the pace of annual growth is going to ease.
“Average house prices in the region remains higher than this time last year, and are still about 25 per cent above pre-pandemic levels.”