House prices increased by 2.5% – more than the average for Wales – in Monmouthshire in February, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 1.9% annual decline.

The average Monmouthshire house price in February was £332,921, Land Registry figures show – a 2.5% increase on January.

Over the month, the picture was different to that across Wales, where prices increased 0.4%, and Monmouthshire was above the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Monmouthshire fell by £6,500 – putting the area 13th among Wales’s 22 local authorities with price data for annual growth.

The highest annual growth in the region was in Ceredigion, where property prices increased on average by 3.5%, to £248,000. At the other end of the scale, properties in Newport lost 7.5% of their value, giving an average price of £220,000.

First steps on the property ladder

First-time buyers in Monmouthshire spent an average of £258,900 on their property – £4,400 less than a year ago, but £46,200 more than in February 2019.

By comparison, former owner-occupiers paid £386,200 on average in February – 49.2% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Monmouthshire in February – they increased 2.8%, to £281,534 on average. Over the last year, prices dropped by 0.8%.

Among other types of property:

How do property prices in Monmouthshire compare?

Buyers paid more for properties in Monmouthshire than anywhere else in Wales in February. The average price paid would buy 2.6 homes in Blaenau Gwent (£127,000), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Across Wales, property prices are low compared to those across the UK, where the average cost is £281,000.

Factfile

Average property price in February

Annual change to February

Highest and lowest annual growth in Wales