House prices in Wales increasing faster than anywhere else in UK

House prices in Wales are increasing faster than any other nation in the UK, according to new research by Halifax.

In the past year, house prices have increased by 12%, taking the average cost to £192,507, which is still below the UK average of £260,358.

This increase is the biggest yearly price hike since April 2005, according to Halifax.

This is a different picture from the rest of the UK that saw the average house price slip for the first time since January 2021.

This indicates that the "peak of buyer demand is now likely to have passed", according to the research from Halifax.

But on average, property values were still more than £21,000 higher than a year earlier, the bank said.

But how does Wales compare to the rest of the UK?

For Northern Ireland and Scotland, the annual price rises were the highest recorded since late 2007.

At the other end of the scale, the South of England continues to lag somewhat, with eastern England and the South East recording price inflation rates of around 7%, Halifax said.

In London, property values were up by just 2.9% year on year, with several unique factors weighing on the market there, the report added.

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Mr Gardner said of UK house prices generally: "We would still expect annual growth to have slowed somewhat more by the end of the year, with unemployment expected to edge higher as job support measures unwind, and the peak of buyer demand now likely to have passed."

Mark Harris, chief executive of mortgage broker SPF Private Clients, said: "Cheap borrowing and affordability will continue to give buyers more purchase power, and result in continued demand, even if the peak of the market has passed."

Here are average house prices and the annual increase across the UK, according to Halifax:

  • Wales, £192,507, 12.0%

  • East Midlands, £214,542, 8.6%

  • Eastern England, £303,834, 7.6%

  • London, £511,234, 2.9%

  • North East, £152,989, 9.2%

  • North West, £201,836, 11.5

  • Northern Ireland, £163,484, 11.5%

  • Scotland, #183,359, 10.4%

  • South East, £353,618, 7.3%

  • South West, £269,142, 9.8%

  • West Midlands, £221,661, 8.1%

  • Yorkshire and Humber, £185,229, 10.9%