House prices increased slightly, by 0.4%, in Monmouthshire in November, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 14.1% over the last year.

The average Monmouthshire house price in November was £364,497, Land Registry figures show – a 0.4% increase on October.

Over the month, the picture was different to that across Wales, where prices decreased 1.6%, and Monmouthshire was above the 0.3% drop for the UK as a whole.

Over the last year, the average sale price of property in Monmouthshire rose by £45,000 – putting the area seventh among Wales’s 22 local authorities with price data for annual growth.

The highest annual growth in the region was in Caerphilly, where property prices increased on average by 17.2%, to £194,000. At the other end of the scale, properties in Conwy gained 6.4% in value, giving an average price of £217,000.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First steps on the property ladder

First-time buyers in Monmouthshire spent an average of £282,000 on their property – £36,000 more than a year ago, and £92,000 more than in November 2017.

By comparison, former owner-occupiers paid £425,000 on average in November – 50.7% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Monmouthshire in November – they increased 1%, to £174,195 on average. Over the last year, prices rose by 11.4%.

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 2.7 homes in Blaenau Gwent (£135,000), at the other end of the scale.

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

Across Wales, property prices are high compared to those across the UK, where the average cost £295,000.

Factfile

Average property price in November

Annual growth to November

Highest and lowest annual growth in Wales