HOUSE prices increased by 1.4 per cent in the Vale of Glamorgan in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 7.8 per cent annual growth.

The average the Vale of Glamorgan house price in February was £313,772, Land Registry figures show – a 1.4 per cent increase on January.

Over the month, the picture was better than that across Wales, where prices decreased 0.6 per cent, and the Vale of Glamorgan outperformed the one per cent drop for the UK as a whole.

Over the last year, the average sale price of property in the Vale of Glamorgan rose by £23,000 – putting the area 12th 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 per cent, to £214,000. At the other end of the scale, properties in Gwynedd lost 1.3 per cent 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 the Vale of Glamorgan in February – they increased 1.9 per cent, to £531,034 on average. Over the last year, prices rose by 9.1 per cent.

Among other types of property:

  • Semi-detached: up 1.3 per cent monthly; up 7.7 per cent annually; £321,359 average.
  • Terraced: up one per cent monthly; up 7.9 per cent annually; £246,735 average.
  • Flats: up 1.4 per cent monthly; up 4.9 per cent annually; £180,845 average.

First steps on the property ladder

First-time buyers in the Vale of Glamorgan spent an average of £259,000 on their property – £19,000 more than a year ago, and £78,000 more than in February 2018.

By comparison, former owner-occupiers paid £362,000 on average in February – 39.5% more than first-time buyers.

How do property prices in the Vale of Glamorgan compare?

Buyers paid 45.7 per cent more than the average price in Wales (£215,000) in February for a property in the Vale of Glamorgan. Across Wales, property prices are high compared to those across the UK, where the average cost £288,000.

The most expensive properties in Wales were in Monmouthshire – £365,000 on average, and 1.2 times as much as more than in the Vale of Glamorgan. Monmouthshire properties cost 2.7 times as much as homes in Blaenau Gwent (£137,000 average), at the other end of the scale.

Fact file

Average property price in February

  • The Vale of Glamorgan: £313,772;
  • Wales: £215,343;
  • UK: £287,506.

Annual growth to February

  • The Vale of Glamorgan: +7.8 per cent;
  • Wales: +6.4 per cent;
  • UK: +5.5 per cent.

Best and worst annual growth in Wales

  • Carmarthenshire: +14.8 per cent;
  • Gwynedd: -1.3 per cent.