Wales's wealthiest (and poorest) housing markets
29th September 2010
- Monmouthshire wealthiest market in Wales with average property values of £224,535
- Blaenau Gwent poorest market in Wales with average house prices 47% below the national average
- Avg. property value in Wales now stands at £152,188, 12.6% below peak reached 3 years ago
Monmouthshire is the area with the highest average property value in Wales, according to the latest figures from leading property website, Zoopla.co.uk. The average house price in Monmouthshire is now £224,535, more than £72,000 higher than the average Welsh house price, which is currently £152,188.
In contrast, average property prices in Blaenau Gwent currently stand at £79,898, the lowest in the country, 65% less than in Monmouthshire and 47% below the national average.
The statistics released today by Zoopla.co.uk, which provides free value data on every property in Wales, reveal The Vale of Glamorgan in second place in terms of areas with the highest average house prices in Wales at £193,184, followed by Cardiff in third position at £183,923. Meanwhile, at the other end of the scale, rounding out the top three poorest housing markets in the country are Merthyr Tydfil where average property values stand at £99,685 and Rhondda Cynon Taff at £104,923.
Top 10 Wealthiest Housing Markets
| Rank | Market | Avg. home value |
|---|---|---|
| 1 | Monmouthshire | £224,535 |
| 2 | The Vale of Glamorgan | £193,184 |
| 3 | Cardiff | £183,923 |
| 4 | Ceredigion | £182,959 |
| 5 | Powys | £174,778 |
| 6 | Conwy | £166,302 |
| 7 | Pembrokeshire | £165,139 |
| 8 | Isle of Anglesey | £160,666 |
| 9 | Flintshire | £157,903 |
| 10 | Gwynedd | £156,921 |
Source: Zoopla.co.uk
Top 10 Poorest Housing Markets
| Rank | Market | Avg. home value |
|---|---|---|
| 1 | Blaenau Gwent | £79,898 |
| 2 | Merthyr Tydfil | £99,685 |
| 3 | Rhondda Cynon Taff | £104,923 |
| 4 | Neath Port Talbot | £110,573 |
| 5 | Caerphilly | £124,275 |
| 6 | Torfaen | £130,390 |
| 7 | Carmarthenshire | £140,446 |
| 8 | Newport | £142,225 |
| 9 | Bridgend | £142,479 |
| 10 | Denbighshire | £142,750 |
Source: Zoopla.co.uk
Given it is now almost 3 years since the housing market in Wales peaked in late 2007, Zoopla.co.uk also studied how each area has fared since the downturn began and it is clear that some markets have weathered the storm far better than others. Average property values in Wales as a whole remain 12.6% below their peak levels of 3 years ago and now stand at £152,188, representing an average loss in value of £22,013 over the past 3 years, but are up by 5% over the past 18 months from the lows reached in March 2009.
The property market in the Vale of Glamorgan has proven the most resilient in Wales with average house prices now only 6.2% below their September 2007 level. At the other end of the scale, the country's biggest loser is Blaenau Gwent where property prices remain 14.6% below their peak levels.
Conwy came in second place in terms of the most resilient housing markets with home values now only 6.3% below where they were 3 years ago, followed closely by Ceredigion (down 6.4%) and Monmouthshire (down 7.2%) since September 2007. However, Wrexham (down 14.3%), Pembrokeshire (down 14.1%), Cardiff (down 11.1%) and Neath Port Talbot (down 11%) have not fared much better than Blaenau Gwent.
Nicholas Leeming, Commercial Director of Zoopla.co.uk comments: "In terms of both current house prices and market performance over the past 3 years, it is clear that some parts of Wales have performed much better than others and, as the economy strengthens, the housing market will likely perform best in those areas least sensitive to the upcoming public sector cuts."
Top 10 Most Resilient Housing Markets
| Rank | Market | Avg. home value | 3-year change (%) | 3-year change (£) |
|---|---|---|---|---|
| 1 | The Vale of Glamorgan | £193,184 | -6.25% | -£12,873 |
| 2 | Conwy | £166,302 | -6.35% | -£11,273 |
| 3 | Ceredigion | £182,959 | -6.37% | -£12,453 |
| 4 | Monmouthshire | £224,535 | -7.22% | -£17,465 |
| 5 | Denbighshire | £142,750 | -7.81% | -£12,087 |
| 6 | Carmarthenshire | £140,446 | -8.12% | -£12,414 |
| 7 | Merthyr Tydfil | £99,685 | -8.55% | -£9,325 |
| 8 | Flintshire | £157,903 | -8.57% | -£14,795 |
| 9 | Isle of Anglesey | £160,666 | -8.90% | -£15,696 |
| 10 | Caerphilly | £124,275 | -9.48% | -£13,016 |
Source: Zoopla.co.uk
Top 10 Least Resilient Housing Markets
| Rank | Market | Avg. home value | 3-year change (%) | 3-year change (£) |
|---|---|---|---|---|
| 1 | Blaenau Gwent | £79,898 | -14.58% | -£13,637 |
| 2 | Wrexham | £151,989 | -14.29% | -£25,330 |
| 3 | Pembrokeshire | £165,139 | -14.10% | -£27,113 |
| 4 | Cardiff | £183,923 | -11.10% | -£22,961 |
| 5 | Neath Port Talbot | £110,573 | -10.98% | -£13,637 |
| 6 | Newport | £142,225 | -10.90% | -£17,398 |
| 7 | Bridgend | £142,479 | -10.53% | -£16,775 |
| 8 | Swansea | £147,991 | -10.17% | -£16,757 |
| 9 | Gwynedd | £156,921 | -9.88% | -£17,211 |
| 10 | Powys | £174,778 | -9.82% | -£19,029 |
Source: Zoopla.co.uk
- Ends -
For further information, please contact PR Team on pr@zoopla.co.uk or +44 (0)20 3873 8770.
Notes to editors
About Zoopla.co.uk
Zoopla.co.uk is the UK's most comprehensive property website, focused on empowering consumers with the resources they need to make better-informed property decisions. We help our users make sense of the residential property market by combining property listings with market value data, local information and community tools.
Zoopla.co.uk was founded on the principles of transparency and efficiency and everything we do aims to make the market more effective for both property consumers and professionals alike. By combining free, instant value estimates for every UK home with sold prices, local market information and hundreds of thousands of properties available for sale and to rent, Zoopla.co.uk has rapidly become the ultimate destination for property consumers to search for property and do their market research. Our unique features allow users to gain an insight into the market and discover information they won't find anywhere else. And, as a result, we have become one of the most valued sources of both applicant and vendor leads for UK estate agents.
Launched in 2008, we are the fastest growing property website in the UK, now attracting over 12 million visits per month and are proud to have been awarded numerous accolades including being listed in the Top 10 UK Tech Companies (Guardian) and the Top 10 Most Innovative UK Companies (Smarta 100) as well as being voted the UK's Best Property Portal (Web User, Daily Mail Awards, Website of the Year).
Zoopla Limited is a privately held company with a highly experienced and proven management team, led by Founder and CEO, Alex Chesterman, and backed by well-respected angel investors and leading venture capital firms Atlas Venture (atlasventure.com) and Octopus Ventures (octopusventures.com).