Pembrokeshire had the second-highest house price rise over the last year.
The county saw an increase of 3.59 per cent, according to research from South Wales conveyancing firm, Devonalds Solicitors.
The firm analysed data collected from January to December 2023 across Wales.
It saw the average price rise from £235,852 in January 2023, to £244,317 in December 2023.
The outcome showed seven locations experiencing a rise in house prices, while 12 areas recorded decreases.
Pembrokeshire’s housing market performance was exceeded only by the Vale of Glamorgan, which saw a 5.64 per cent rise.
Neighbouring Ceredigion saw the biggest decrease of 8.33 per cent, dropping from £254,595 to £233,387.
However, these fluctuations in the housing market can be a double-edged sword, as Rhian Derrick, partner at Devonalds, explains: “Fluctuating house prices, as evidenced by the recent data from the House Price Index, underscore the inherent volatility within the property market. “The notable -3.40 per cent decrease in average house prices over the course of 2023 reflects a challenging landscape for homeowners and prospective buyers alike. Such fluctuations can significantly impact investment decisions and financial planning.”
In addition to the implications of these market dynamics on homeowners and sellers, Ms Derrick pointed out possible advantages for homebuyers as house prices decrease across areas within Wales.
“For prospective buyers, this presents an opportunity to enter the market at more affordable rates, potentially realising their dream of homeownership sooner than expected,” Ms Derrick stated.
