Property prices in Wales are rising faster annually than any region in neighboring England, according to the latest house price index from LSL Property Services and real estate consultants Acadata released Monday.
Prices in the country rose, 5.2% in the year to May, pushing the average home price up to £184,348 (US$244,108).
In the two most expensive areas in Wales—Monmouthshire and the Vale of Glamorgan— prices rose to new peaks in May, the report said.
In Monmouthshire, in southeast Wales and bordering England, prices rose 13.9% to £291,344 (US$385,750). In the Vale of Glamorgan, on the coast in south Wales, prices are up 11.6% to £269,609 (US$356,972). Both are well above the Welsh average.
The city of Cardiff, the Welsh capital and the third most expensive area, saw price growth rise 9.5%, the report said.
Outside of Wales, the best performing region was the North East of England, where prices rose 4.5% annually to £164,836 (US$218,250). That was followed by the North West of England which saw prices rise 3.1% to £191,810 (US$253,963).
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Unexpectedly, the next best performing region was London, tied with the East Midlands, logging annual price growth of 2.9%.
“The London market seems to be shaking off its malaise,” said Oliver Blake, managing director of real estate agencies Your Move and Reeds Rains, in the report.
The capital, where average property prices are now up to £636,947 (US$843,398), has been dogged by poor sales and falling prices as the city’s residents battle Brexit-related uncertainty and higher rates of stamp duty.
The rise reflects a recovery in the capital, even if transaction levels remain substantially lower than last year, the report said.
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