HOUSE prices dropped in the Vale of Glamorgan in January, new figures show.
The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.3 per cent annual decline.
The average the Vale of Glamorgan house price in January was £225,139, Land Registry figures show – a 1.4 per cent decrease on December.
Over the month, the picture was better than that across Wales, where prices decreased 2.9 per cent, but the Vale of Glamorgan underperformed compared to the 1.1 per cent drop for the UK as a whole.
Over the last year, the average sale price of property in the Vale of Glamorgan remained level – putting the area 19th among Wales’s 22 local authorities for annual growth.
The best annual growth in the region was in Neath Port Talbot, where properties increased on average by 8.8 per cent, to £123,000. At the other end of the scale, properties in Ceredigion dropped 4.7 per cent in value, giving an average price of £178,000.
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Winners and Losers
Owners of detached houses fared worst in the Vale of Glamorgan in January – they dropped 1.8 per cent in price, to £367,301 on average. Over the last year, prices dropped by 0.7 per cent.
Among other types of property:
Semi-detached: down 1.1 per cent monthly; up 0.7 per cent annually; £231,591 average
Terraced: down 1.0 per cent monthly; up 0.2 per cent annually; £176,815 average
First steps on the property ladder
First-time buyers in the Vale of Glamorgan spent an average of £187,530 on their property – £600 less than a year ago, and £32,010 more than in January 2015.
By comparison, former owner-occupiers paid £257,880 on average in January – 37.5 per cent more than first-time buyers.
How do property prices in the Vale of Glamorgan compare?
Buyers paid 39.2 per cent more than the average price in Wales (£162,000) in January for a property in the Vale of Glamorgan. Across Wales, property prices are lower than those across the UK, where the average cost £231,000.
The most expensive properties in Wales were in Monmouthshire – £276,000 on average, and 1.2 times as much as in the Vale of Glamorgan. Monmouthshire properties cost 3.1 times as much as homes in Blaenau Gwent (£88,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average January sale price of £1.2 million could buy 14 properties in Burnley (average £86,000).
Factfile
Average property price in January
The Vale of Glamorgan: £225,139
Wales: £161,719
UK: £231,185
Annual growth to January
The Vale of Glamorgan: -0.3 per cent
Wales: +2.0 per cent
UK: +1.3 per cent
Best and worst annual growth in Wales
Neath Port Talbot: +8.8 per cent
Ceredigion: -4.7 per cent
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