House prices increased by 1.5% – more than the average for Wales – in Monmouthshire in July, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 10% over the last year – the highest in Wales.

The average Monmouthshire house price in July was £362,793. Land Registry figures show a 1.5% increase on June.

Over the month, the picture was similar to that across Wales, where prices increased 1.1%, and Monmouthshire was above the 0.6% rise for the UK as a whole.

Over the last year, the average sale price of property in Monmouthshire rose by £33,000 – 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 Gwynedd lost 3.8% of their value, giving an average price of £196,000.

First steps on the property ladder

First-time buyers in Monmouthshire spent an average of £282,000 on their property – £26,000 more than a year ago, and £66,000 more than in July 2019.

By comparison, former owner-occupiers paid £421,000 on average in July – 49.4% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Monmouthshire in July – they increased 1.6%, to £520,161 on average. Over the last year, prices rose by 10.3%.

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 July. The average price paid would buy 2.8 homes in Blaenau Gwent (£131,000), 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 £290,000.

Factfile

Average property price in July

Annual growth to July

Highest and lowest annual growth in Wales