HOUSE prices dropped by 1.2 per cent – more than the average for Wales – in the Vale of Glamorgan in October, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 3.1 per cent over the last year – the highest in Wales.

The average the Vale of Glamorgan house price in October was £319,490, Land Registry figures show – a 1.2 per cent decrease on September.

Over the month, the picture was different to that across Wales, where prices decreased 0.5 per cent, and the Vale of Glamorgan was lower than the 0.7 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 £9,700 – putting the area top among Wales’s 22 local authorities with price data for annual growth.

At the other end of the scale, properties in Merthyr Tydfil lost 10.9 per cent of their value, giving an average price of £137,000.

First steps on the property ladder

First-time buyers in the Vale of Glamorgan spent an average of £264,000 on their property – £7,600 more than a year ago, and £76,000 more than in October 2018.

By comparison, former owner-occupiers paid £368,600 on average in October – 39.6 per cent more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in the Vale of Glamorgan in October – they dropped 1.5 per cent in price, to £181,622 on average. But over the last year, prices rose by 1.2 per cent.

Among other types of property:

  • Detached: down 0.9 per cent monthly; up 4.9 per cent annually; £543,275 average;
  • Semi-detached: down 1.2 per cent monthly; up 3.4 per cent annually; £328,456 average;
  • Terraced: down 1.4 per cent monthly; up 2.3 per cent annually; £251,455 average.

How do property prices in the Vale of Glamorgan compare?

Buyers paid 49.2 per cent more than the average price in Wales (£214,000) in October for a property in the Vale of Glamorgan. Across Wales, property prices are low compared to those across the UK, where the average cost is £288,000.

The most expensive properties in Wales were in Monmouthshire – £346,000 on average, and 8% in the Vale of Glamorgan. Monmouthshire properties cost 2.7 times the price as homes in Blaenau Gwent (£130,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.

Fact file

Average property price in October

  • The Vale of Glamorgan: £319,490;
  • Wales: £214,100;
  • UK: £287,782.

Annual change to October

  • The Vale of Glamorgan: +3.1 per cent;
  • Wales: minus three per cent;
  • UK: -1.2 per cent;

Highest and lowest annual growth in Wales

  • The Vale of Glamorgan: +3.1 per cent;
  • Merthyr Tydfil: -10.9 per cent.