House prices in Pembrokeshire, Carmarthenshire, and Ceredigion have all risen by 13 per cent or more annually to reach new record prices during the first quarter of 2022 (January to March).

The figures have been released from Principality Building Society’s Wales House Price Index for Q1 2022, which demonstrates the rise and fall in house prices in each of the 22 local authorities in Wales.

Carmarthenshire recorded the highest house price increase both annually (13.6 per cent) and quarterly (6.4 per cent) to a new peak of £218,698.

In Pembrokeshire, the average house price rose to a peak of £260,426 following a 13.1 per cent annual increase and more modest 1.5 per cent quarterly rise.

Finally, in Ceredigion house prices rose by 13 per cent annually and by 3 per cent quarterly to a new peak price of £264,005.

Across Wales, house prices also rose by 3 per cent in the first quarter of 2022 and by 9.7 per cent based on the same time last year to a new record average price of £233,361.

However, transactions in the first quarter are estimated to have been 4 per cent lower than a year earlier, the second quarter in a row of lower sales.

Tom Denman, Chief Financial Officer at Principality Building Society, said: “Despite the strong headline performance, the underlying data gives some support to the view that the market in Wales may be beginning to slow.

“With cost of living pressures mounting and consumer confidence falling, it is possible that demand within Wales is moderating.

“None of this should be taken to mean that the market is moving into recession, far from it, but there is a sense here of a slowing market.

“The question now is whether households will hold back either entering the housing market or trading up due to the current uncertain conditions.”

The so-called ‘race for space’ prompted by the pandemic has slowed, with a significant drop in sales of detached houses compared with a year earlier, down from 4,200 to 3,100.

The number of semis sold is also lower than a year ago, down 10 per cent, while the sale of flats has risen sharply by 26 per cent.