UK House Price Index Wales: December 2018
Published 13 February 2019
Applies to Wales
© Crown copyright 2019
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This publication is available at https://www.gov.uk/government/statistics/uk-house-price-index-wales-december-2018/uk-house-price-index-wales-december-2018
1. Headline statistics for December 2018
the average price of a property in Wales was
£161,845
the annual price change of a property for Wales was
5.2%
the monthly price change of a property for Wales was
0.8%
the index figure for Wales (January 2015 = 100) was
118.9
Estimates for the most recent months are provisional and are likely to be updated as more data is incorporated into the index. Read the revision policies.
Next publication of UK HPI
The January 2019 UK HPI will be published at 9.30am on Wednesday 20 March 2019. See the calendar of release dates.
2. Economic statement
Wales house prices grew by 5.2% in the year to December 2018, up from 4.9% in the year to November 2018. Wales house prices were growing faster than the UK annual rate of 2.5% in the year to December 2018. On a non-seasonally adjusted basis average house prices in Wales increased by 0.8% between November 2018 and December 2018, compared with an increase of 0.4% during the same period a year earlier. On a seasonally adjusted basis, average house prices in Wales increased by 0.7% between September and October 2018.
The Land Transaction Tax statistics showed that on a non-seasonally adjusted basis, in the 3 months to December 2018, the number of transactions on residential properties with a value of £40,000 or greater in Wales was 15,660. This is up 2.3% compared with the 3 months to December 2017 as published in UK Property Transaction Statistics. Some caution is advised in comparing the series over this period as slightly different methodologies may be applied by the different organisations.
In Wales, detached houses showed the biggest increase, rising by 6.1% in the year to December 2018 to £246,000. The smallest increase of all property types was flats and maisonettes, with an increase of 2.5% in the year to December 2018 to £114,000.
House prices have increased over the last year in 21 out of 22 local authority areas. Torfaen and Newport showed the strongest growth, increasing by 12.0% to £147,000 and 10.6% to £183,000 in the year to December 2018. Strong annual growth in south-east Wales is likely linked to the abolition of the Severn Bridge tolls.
As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.
3. Price change
3.1 Annual price change
Annual price change for Wales over the past 5 years
Download this table’s data (CSV, 1KB)
In Wales, the average price increased by 5.2% in the year to December 2018 (up from 4.9% in November 2018).
Annual price change by local authority for Wales
Low numbers of sales transactions in some local authorities can lead to volatility in the series.
While we make efforts to account for this volatility, the change in price in these local levels can be influenced by the type and number of properties sold in any given period.
Geographies with low number of sales transactions should be analysed in the context of their longer-term trends rather than focusing on monthly movements.
| Local authorities | December 2018 | December 2017 | Difference |
|---|---|---|---|
| Blaenau Gwent | £91,904 | £83,497 | 10.1% |
| Bridgend | £152,146 | £146,680 | 3.7% |
| Caerphilly | £137,993 | £127,348 | 8.4% |
| Cardiff | £205,443 | £199,397 | 3.0% |
| Carmarthenshire | £146,491 | £141,936 | 3.2% |
| Ceredigion | £198,286 | £181,703 | 9.1% |
| Conwy | £159,589 | £164,053 | -2.7% |
| Denbighshire | £150,017 | £146,807 | 2.2% |
| Flintshire | £170,324 | £164,839 | 3.3% |
| Gwynedd | £158,260 | £152,774 | 3.6% |
| Isle of Anglesey | £178,769 | £165,378 | 8.1% |
| Merthyr Tydfil | £106,228 | £96,827 | 9.7% |
| Monmouthshire | £265,889 | £244,309 | 8.8% |
| Neath Port Talbot | £113,490 | £113,021 | 0.4% |
| Newport | £182,505 | £165,028 | 10.6% |
| Pembrokeshire | £174,443 | £165,587 | 5.3% |
| Powys | £187,029 | £179,255 | 4.3% |
| Rhondda Cynon Taf | £110,353 | £109,291 | 1.0% |
| Swansea | £147,992 | £143,211 | 3.3% |
| Torfaen | £147,172 | £131,360 | 12.0% |
| Vale of Glamorgan | £232,883 | £213,647 | 9.0% |
| Wrexham | £160,581 | £153,830 | 4.4% |
| Wales | £161,845 | £153,791 | 5.2% |
Download this table’s data (CSV, 1KB)
Average price by local authority for Wales
In December 2018, the most expensive area to live in was Monmouthshire, where the cost of an average house was £266,000. In contrast, the cheapest area to purchase a property was Blaenau Gwent, where an average house cost £92,000.
3.2 Average price change by property type
Average price change by property type for Wales
| Property type | December 2018 | December 2017 | Difference |
|---|---|---|---|
| Detached | £245,785 | £231,705 | 6.1% |
| Semi-detached | £156,068 | £148,069 | 5.4% |
| Terraced | £124,968 | £118,993 | 5.0% |
| Flat or maisonette | £113,926 | £111,120 | 2.5% |
| All | £161,845 | £153,791 | 5.2% |
Download this table’s data (CSV, 1KB)
4. Sales volumes
The amount of time between the sale of a property and the registration of this information varies. It typically ranges between 2 weeks and 2 months but can be longer. Volume figures for the most recent two months are not yet at a reliable level for reporting, so they are not included in the report. Published transactions for recent months will increase as later registered transactions are incorporated into the index.
Sales volume data is also available by property status (new build and existing property) and funding status (cash and mortgage) in our downloadable data tables. Transactions involving the creation of a new register, such as new builds, are more complex and require more time to process. Read Revisions to the UK HPI data for more information.
4.1 Sales volumes by local authority
Sales volumes for Wales by local authority
| Local authorities | October 2018 | October 2017 |
|---|---|---|
| Blaenau Gwent | 82 | 86 |
| Bridgend | 180 | 237 |
| Caerphilly | 203 | 244 |
| Cardiff | 427 | 490 |
| Carmarthenshire | 254 | 274 |
| Ceredigion | 97 | 103 |
| Conwy | 172 | 211 |
| Denbighshire | 109 | 151 |
| Flintshire | 186 | 215 |
| Gwynedd | 152 | 182 |
| Isle of Anglesey | 100 | 114 |
| Merthyr Tydfil | 48 | 69 |
| Monmouthshire | 95 | 157 |
| Neath Port Talbot | 155 | 177 |
| Newport | 175 | 246 |
| Pembrokeshire | 206 | 193 |
| Powys | 149 | 164 |
| Rhondda Cynon Taf | 336 | 309 |
| Swansea | 259 | 311 |
| Torfaen | 123 | 149 |
| Vale of Glamorgan | 188 | 222 |
| Wrexham | 142 | 167 |
| Wales | 3,911 | 4,471 |
Note: The ‘Difference’ column has been removed from this table as the latest month’s data are not yet complete.
The estimate for October 2018 is calculated based on around 85% of the final registered transactions. The number of property transactions for October 2018 will increase as more transactions are incorporated into the index.
Comparing the provisional volume estimate for October 2017 with the provisional estimate for October 2018, volume transactions increased by 2.8% in Wales.
UK Property Transaction Statistics published by HM Revenue & Customs (which differ in coverage but are more complete for this period) report that on a non-seasonally adjusted basis, volume transactions increased by 0.6% in Wales in the year to October 2018.
Download this table’s data (CSV, 1KB)
4.2 Sales volumes
Sales volumes for Wales over the past 5 years
| Date | Sales volumes for Wales |
|---|---|
| October 2014 | 4,129 |
| October 2015 | 4,500 |
| October 2016 | 3,957 |
| October 2017 | 4,471 |
| October 2018 | 3,911 |
Download this chart’s data (CSV, 1KB)
5. Property status
Transactions involving the creation of a new register, such as new builds, are more complex and need more time to process. This means they can take longer to appear in the land registers. The volume of new build transactions for the most recent two months are not at a reliable level for reporting the breakdown between new build and existing resold property, so they are not included in the report.
New build and existing resold property for Wales
| Property status | Average price October 2018 | Monthly change | Annual change |
|---|---|---|---|
| New build | £218,225 | 2.3% | 8.1% |
| Existing resold property | £157,930 | -0.1% | 3.8% |
Download this table’s data (CSV, 1KB)
Note: since the October 2017 release, amendments have been made to our estimation model when calculating our provisional estimate. Find out further information and the impact of this change in methods used to produce the UK HPI.
6. Buyer status
First time buyer and former owner occupier for Wales
| Type of buyer | Average price December 2018 | Monthly change | Annual change |
|---|---|---|---|
| First time buyer | £139,487 | 0.6% | 4.8% |
| Former owner occupier | £188,008 | 0.9% | 5.7% |
Download this table’s data (CSV, 1KB)
7. Funding status
Cash and mortgage indicator for Wales
| Funding status | Average price December 2018 | Monthly change | Annual change |
|---|---|---|---|
| Cash | £157,825 | 1.1% | 5.2% |
| Mortgage | £164,228 | 0.6% | 5.3% |
Download this table’s data (CSV, 1KB)
8. Repossession sales volume
Due to a period of 2 weeks to 2 months between completion and registration of sales, repossession volume figures for the most recent two months are not yet complete, so they are not included in the report.
Repossession sales volume
| Country | Repossession sales volume October 2018 |
|---|---|
| Wales | 56 |
Download the data for England and Wales (CSV, 7KB)
9. Access the data
Download the data as CSV files or access it with our UK HPI tool.
Data revisions
View any revisions to previously published data in the data downloads or find out more about revisions in our guidance About the UK HPI.
10. About the UK House Price Index
The UK House Price Index (UK HPI) is calculated by the Office for National Statistics and Land & Property Services Northern Ireland. Find out about the methodology used to create the UK HPI.
Data for the UK House Price Index is provided by HM Land Registry, Registers of Scotland, The Land & Property Services/Northern Ireland Statistics & Research Agency and the Valuation Office Agency.
Find out more about the UK House Price Index.
11. Contact for Wales queries
Eileen Morrison, Data Services Team Leader, HM Land Registry
Email eileen.morrison@landregistry.gov.uk
Telephone 0300 006 5288