Pembrokeshire house prices dropped slightly in May

House prices dropped slightly, by 0.5%, in Pembrokeshire in May, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 16.5% over the last year.

The average Pembrokeshire house price in May was £230,977, Land Registry figures show – a 0.5% decrease on April.

Over the month, the picture was different to that across Wales, where prices increased 0.9%, and Pembrokeshire was lower than the 1.2% rise for the UK as a whole.

Over the last year, the average sale price of property in Pembrokeshire rose by £33,000 – putting the area sixth among Wales’s 22 local authorities with price data for annual growth.

The highest annual growth in the region was in the Vale of Glamorgan, where property prices increased on average by 24.8%, to £318,000. At the other end of the scale, properties in Denbighshire gained 6.9% in value, giving an average price of £192,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

Sarah Coles, senior personal finance analyst at financial advice company Hargreaves Lansdown, said:“The average house price hit another record high in May, and rose faster than any time since the peak in June last year.

"However, we’re starting to see small changes in the market, which are likely to mean weaker growth in the coming months, especially if interest rates are hiked in August."

First steps on the property ladder

First-time buyers in Pembrokeshire spent an average of £208,000 on their property – £29,000 more than a year ago, and £60,000 more than in May 2017.

By comparison, former owner-occupiers paid £257,000 on average in May – 23.9% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices Pembrokeshire in May – they dropped 1% in price, to £112,798 on average. But over the last year, prices rose by 11.3%.

Among other types of property:

How do property prices in Pembrokeshire compare?

Buyers paid 8.7% more than the average price in Wales (£212,000) in May for a property in Pembrokeshire. Across Wales, property prices are higher than those across the UK, where the average cost £283,000.

The most expensive properties in Wales were in Monmouthshire – £340,000 on average, and 1.5 times as much as more than in Pembrokeshire. Monmouthshire properties cost 2.6 times as much as homes in Blaenau Gwent (£132,000 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 May

Annual growth to May

Highest and lowest annual growth in Wales