House prices in Wales rise for first time in over a year
House prices had been falling since Decemver 2022
House prices in Wales have risen for the first time in over a year, with a average home selling for £236,369 in the second quarter of 2024.
It's the first time there's been an increase since December 2022, when the peak average price was £249,000.
The figures have been released by Principality Building Society, which tracks prices across all 22 local authority areas in Wales.
The average price of a Welsh home is still down 2.4% compaed to the same quarter last year.
Prices rose in 15 areas of the county, with Bridgend and Ceredigion recording increases of more than 16%.
Shaun Middleton, Head of Distribution at Principality Building Society, said: “The second quarter of 2024 has brought much-needed positive news to the Welsh housing market."
"After five consecutive quarters of declining house prices, we are now seeing a recovery.
“The picture across Wales shows that local authorities have been reporting quarterly price increases, rather than decreases, for the first time since 2022, translating into a steady rise in house prices.
"This increase, bringing the average price to £236,369 in Wales, marks a significant turnaround and suggests that the market may be stabilising.
"The last few years have marked the most challenging housing market conditions since the Global Financial Crisis in 2008, with first-time buyers encountering the toughest conditions in about 70 years."