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House prices in Wales have risen for the first time in more than a year, according to the Principality building society.<\/p>\n
Its regular house price index puts the price of an average house at \u00a3236,369.<\/p>\n
The society said it was now seeing a recovery after five consecutive quarters of falling prices.<\/p>\n
But it was still 2.4% lower than the same period in 2023.<\/p>\n<\/div>\n
The building society said the majority of council areas in Wales reported higher prices between April and June for the first time since 2022.<\/p>\n
Some areas still saw a drop in prices, including Wrexham, Powys and Merthyr Tydfil.<\/p>\n
But average prices in Bridgend hit \u00a3250,000 and a new peak.<\/p>\n
Shaun Middleton, head of distribution at the Principality, said the increase marked a “significant turnaround” and suggested the housing market may be stabilising. <\/p>\n
“The last few years have marked the most challenging housing market conditions since the global financial crisis in 2008,” he said.<\/p>\n
Mr Middleton said first-time buyers had encountered the toughest conditions in about 70 years.<\/p>\n
He said with government commitments to house building, and in Wales to more social housing for rent, he expected house prices to increase, with a higher volume of transactions “supported by better economic conditions, increased affordability and growing buyer interest”.<\/p>\n<\/div>\n
This is the first time that prices have increased since December 2022, when the peak average price of \u00a3249,000 was recorded.<\/p>\n
There were 10,200 transactions in Wales between April and June, which is 24% more than between January and March and 16% up on the same period a year ago.<\/p>\n<\/div>\n