HOUSE prices increased by 1.9 per cent in the Vale of Glamorgan in September, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 16.6 per cent over the last year.

The average the Vale of Glamorgan house price in September was £315,039, Land Registry figures show – a 1.9 per cent increase on August.

Over the month, the picture was similar to that across Wales, where prices increased two per cent, and the Vale of Glamorgan was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in the Vale of Glamorgan rose by £45,000 – putting the area eighth among Wales’s 22 local authorities with price data for annual growth.

The highest annual growth in the region was in Merthyr Tydfil, where property prices increased on average by 20.4 per cent, to £157,000. At the other end of the scale, properties in Newport gained 10.3 per cent in value, giving an average price of £233,000.

An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.

But typical property values stalled across the UK between August and September, which caused annual growth to slow.

Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of "a turning tide for house prices".

The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatitility in the mortgage market and saw interest rates on new agreements soar.

Nicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes."

“All eyes will now turn to Chancellor Jeremy Hunt’s autumn statement, which is expected to include both tax rises and spending cuts," he added.

First steps on the property ladder

First-time buyers in the Vale of Glamorgan spent an average of £261,000 on their property – £36,000 more than a year ago, and £83,000 more than in September 2017.

By comparison, former owner-occupiers paid £363,000 on average in September – 39.2 per cent more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in the Vale of Glamorgan in September – they increased 2.1 per cent, to £529,964 on average. Over the last year, prices rose by 18.2 per cent.

Among other types of property:

  • Semi-detached: up 2.1 per cent monthly; up 16.5 per cent annually; £322,350 average
  • Terraced: up 1.9 per cent monthly; up 17.2 per cent annually; £249,689 average;
  • Flats: up 1.1 per cent monthly; up 11.6 per cent annually; £181,027 average.

How do property prices in the Vale of Glamorgan compare?

Buyers paid 40.8 per cent more than the average price in Wales (£224,000) in September for a property in the Vale of Glamorgan. Across Wales, property prices are high compared to those across the UK, where the average cost £295,000.

The most expensive properties in Wales were in Monmouthshire – £364,000 on average, and 1.2 times as much as more than in the Vale of Glamorgan. Monmouthshire properties cost 2.7 times as much as homes in Blaenau Gwent (£136,000 average), at the other end of the scale.

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

Factfile

Average property price in September

  • The Vale of Glamorgan: £315,039;
  • Wales: £223,798;
  • UK: £294,559.

Annual growth to September

  • The Vale of Glamorgan: +16.6 per cent;
  • Wales: +12.9 per cent;
  • UK: +9.5 per cent.

Highest and lowest annual growth in Wales

  • Merthyr Tydfil: +20.4 per cent;
  • Newport: +10.3 per cent.