House prices in Wales for 2023 reveal only two counties experienced a notable increase in the average cost of a home. Seven counties saw the average house price remain virtually unchanged with calculated percentages of less than 1%, and 12 locations saw a more noticeable decline.
It’s been a wild ride when it comes to house prices in Wales over the past four years. Whilst the impact of the Covid-19 pandemic saw breathtaking increases in house prices in some Welsh areas and Wales regularly recording the highest rises throughout the UK, the disatrous mini budget that followed quickly caused mortgage rates to soar and continued economic instability.
Researchers at Welsh conveyancing firm Devonalds Solicitors say they have conducted a thorough analysis of house price data from January to December 2023 that can indicate how each county’s house prices fared during that 12 month period. For more property stories sent to your inbox twice a week sign up to the property newsletter here.
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Rhian Derrick, partner at Devonalds, says: “Fluctuating house prices, as evidenced by the recent data from the House Price Index, underscore the inherent volatility within the property market. Some notable decreases in average house prices over the course of 2023 reflects a challenging landscape for homeowners and prospective buyers alike. Such fluctuations can significantly impact investment decisions and financial planning.
“As house prices decrease across areas within Wales, homeowners may face challenges in maintaining the value of their properties, potentially impacting their equity and financial plans. However, for prospective buyers, this presents an opportunity to enter the market at more affordable rates, potentially realising their dream of homeownership sooner than expected.”
Average house price changes in 2023 by county
Increase
Vale of Glamorgan 5.64% £323,442
Pembrokeshire 3.59% £244,317
Gwynedd 1.54% £213,196
Less than 1% change
Swansea 0.73% £196,029
Flintshire 0.73% £218,398
Cardiff 0.47% £266,873
Conwy 0.38% £216,727
Bridgend -0.14% £203,461
Merthyr Tydfil -0.37% £153,057
Wrexham -0.57% £204,487
Decrease
Monmouthshire -1.2% £347,574
Powys -2.12% £236,578
Caerphilly -2.39% £185,357
Blaenau Gwent – 3.05% £130,743
Newport -3.4% £229,808
Carmarthenshire -3.64% £203,726
Neath Port Talbot -4.07% £160,254
Isle of Anglesey -4.66% £223,975
Torfaen -6.55% £186,446
Denbighshire -6.98% £192,157
Rhondda Cynon Taf -7.85% £149,195
Ceredigion -8.33% £233,387
The county breakdown of house prices for 2023 reveals only two counties, Vale of Glamorgan and Pembrokeshire, experienced an increase that is notable, with Gwynedd’s figure just over 1%. In total, seven counties had an insignificant change of less than one percent, either up or down.
It’s the decrease in house figures that the company has produced that are the most significant, with one county experiencing the largest decline which might prove to be a surprise to many people. Ceredigion, according to the data, has seen a drop in its average house price of -8.33% from £254,595 in January 2023 to £233,387 in December 2023, which equates to around £21,000.
But focusing on this county maybe it’s not as much of a surprise as the area had seen one of the largest house price increases during and just after the pandemic. The year-on-year comparison of house prices produced by the Office of National Statistics (ONS) for November 2020 to November 2021 revealed that Ceredigion was the region of Wales to show the highest growth in annual average house prices, with a substantial 24.6% increase recorded.
As a county Ceredigion overtook Pembrokeshire and Carmarthenshire in coastal popularity with house buyers desperate to escape more urban areas at that time, offering equally stunning locations to call home but at a lower asking price.
At the time James Skudder from Country Living Group estate agents said: “We are seeing buyers who in large are not able to secure properties in what have traditionally been more popular areas, really widening their search parameters. The latest ONS figures are testament not only to the unique variety of homes located here, but also the fantastic value for money for the properties on offer.” Read more about Ceredigion’s past house price boom here.
The county has not changed, and remains a stunning place to call home, but the house price landscape has. And after experiencing one of the most significant regional increases maybe it’s not such a shock then to see the average price drop back down by the most in Wales.
Rightmove states that the majority of sales in Ceredigion during the last year were detached properties, selling for an average price of £330,002. Semi-detached properties sold for an average of £222,073, with terraced properties fetching £197,079. For more property and renovation stories join our Amazing Welsh Homes Facebook group here.
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Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
