Pembrokeshire house prices increased more than Wales average in April

House prices increased by 2.5% – more than the average for Wales – in Pembrokeshire in April, new figures show.
Wednesday 22nd June 2022 10:38 am
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Credit by Andrew Matthews (PA Wire )

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House prices increased by 2.5% – more than the average for Wales – in Pembrokeshire in April, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 19.9% over the last year.

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

The need for larger deposits and constraints on accessing mortgages have pushed homeownership further out of reach for many first-time buyers – despite Government figures showing 50% of renters would be able to afford the monthly payments.

In a recent major speech in Blackpool, Prime Minister Boris Johnson announced a “comprehensive review” of the mortgage market would take place in a bid to help more people onto the property ladder.

The average Pembrokeshire house price in April was £236,190, Land Registry figures show – a 2.5% increase on March.

Over the month, the picture was similar to that across Wales, where prices increased 2.2%, and Pembrokeshire was above the 1.1% rise for the UK as a whole.

Over the last year, the average sale price of property in Pembrokeshire rose by £39,000 – putting the area fourth among Wales’s 22 local authorities with price data for annual growth.

The highest annual growth in the region was in Ceredigion, where property prices increased on average by 23%, to £260,000. At the other end of the scale, properties in Denbighshire gained just 9.2% in value, giving an average price of £195,000.

First steps on the property ladder

First-time buyers in Pembrokeshire spent an average of £212,000 on their property – £35,000 more than a year ago, and £68,000 more than in April 2017.

By comparison, former owner-occupiers paid £263,000 on average in April – 23.9% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Pembrokeshire in April – they increased 2.7%, to £174,869 on average. Over the last year, prices rose by 18.7%.

Among other types of property:

  • Detached: up 2.4% monthly; up 20.9% annually; £331,291 average
  • Semi-detached: up 2.5% monthly; up 20.9% annually; £209,548 average
  • Flats: up 1.9% monthly; up 14.4% annually; £115,270 average

How do property prices in Pembrokeshire compare?

Buyers paid 11.4% more than the average price in Wales (£212,000) in April for a property in Pembrokeshire. Across Wales, property prices are higher than those across the UK, where the average cost £281,000.

The most expensive properties in Wales were in Monmouthshire – £346,000 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 April

  • Pembrokeshire: £236,190
  • Wales:£211,990
  • UK: £281,161

Annual growth to April

  • Pembrokeshire: +19.9%
  • Wales: +16.2%
  • UK: +12.4%

Highest and lowest annual growth in Wales

  • Ceredigion: +23%
  • Denbighshire: +9.2%