House prices dropped by 0.6% – more than the average for Wales – in Monmouthshire in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 2% over the last year.

The average Monmouthshire house price in November was £357,868, Land Registry figures show – a 0.6% decrease on October.

Over the month, the picture was similar to that across Wales, where prices decreased 0.3%, and Monmouthshire was above the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in Monmouthshire rose by £7,200 – putting the area third 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 2.2%, to £264,000. At the other end of the scale, properties in Merthyr Tydfil lost 12.1% of their value, giving an average price of £135,000.

First steps on the property ladder

First-time buyers in Monmouthshire spent an average of £276,800 on their property – £5,700 more than a year ago, and £73,200 more than in November 2018.

By comparison, former owner-occupiers paid £416,800 on average in November – 50.6% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Monmouthshire in November – they dropped 0.8% in price, to £240,616 on average. But over the last year, prices rose by 1.4%.

Among other types of property:

How do property prices in Monmouthshire compare?

Buyers paid more for properties in Monmouthshire than anywhere else in Wales in November. The average price paid would buy 2.9 homes in Blaenau Gwent (£123,000), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Across Wales, property prices are low compared to those across the UK, where the average cost is £285,000.

Factfile

Average property price in November

Annual change to November

Highest and lowest annual growth in Wales