House prices increased by 2.8% in Monmouthshire in July, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 15.4% annual growth.

The average Monmouthshire house price in July was £350,853, Land Registry figures show –a 2.8% increase on June.

Over the month, the picture was similar to that across Wales, where prices increased 2.8%, and Monmouthshire outperformed the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in Monmouthshire rose by £47,000 – putting the area seventh among Wales’s 22 local authorities with price data for annual growth.

The best annual growth in the region was in Blaenau Gwent, where property prices increased on average by 20%, to £132,000. At the other end of the scale, properties in Cardiff gained just 8.3% in value, giving an average price of £256,000.

Winners and Losers

Owners of semi-detached houses saw the biggest improvement in property prices in Monmouthshire in July – they increased 3%, to £291,618 on average. Over the last year, prices rose by 15.6%.

Among other types of property:

First steps on the property ladder

First-time buyers in Monmouthshire spent an average of £272,000 on their property – £36,000 more than a year ago, and £87,000 more than in July 2017.

By comparison, former owner-occupiers paid £409,000 on average in July – 50.4% more than first-time buyers.

How do property prices in Monmouthshire compare?

Buyers paid more for properties in Monmouthshire than anywhere else in Wales in July. The average price paid would buy 2.7 homes in Blaenau Gwent (£132,000), at the other end of the scale.

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

Across Wales, property prices are high compared to those across the UK, where the average cost £292,000.

Factfile

Average property price in July

Annual growth to July

Best and worst annual growth in Wales