Welsh house prices see first annual fall in decade, new figures show
Data from Principality Building Society shows average house prices in Wales have fallen year-on-year for the first time since 2013.
Monday 16 October 2023 17:19, UK
House prices in Wales have seen their first annual fall in a decade.
New data from Principality Building Society shows the first year-on-year reduction since 2013.
The average price of a home in Wales has fallen to £239,378 in the third quarter of the year.
The figure is almost £10,000 lower than its peak in the fourth quarter of 2022 when the average price was just over £249,000.
Denbighshire saw the greatest drop, where house prices fell 15.9% on average to £200,095.
The Wales House Price Index covers the three months up to September 2023.
It follows three consecutive quarterly falls in average house prices in Wales.
Principality said housing market conditions "continue to be challenging across Wales".
Shaun Middleton, head of distribution at Principality Building Society, said higher interest rates meant affordability remained a "problem" for many buyers.
"This has put pressure on the housing market, which remains subdued when compared to recent years when record average prices across Wales were seen," he added.
Read more from Sky News:
Council spends £2.7m on bus hub with no buses
Lecturer 'sacked' after branding bilingual road signs 'dangerous'
Be the first to get Breaking News
Install the Sky News app for free
Unlike the Wales-wide picture, Conwy and the Vale of Glamorgan saw house prices reach a record high - £251,314 and £384,967 respectively.
Merthyr Tydfil and Monmouthshire also saw increases in average house prices, but these were smaller at 1.6% and 0.8% respectively.