House prices in Wales look set to grow by Wales 15.9 per cent over the next five years, according to a report.

The figures, released by Savills, show the average price for a home in Wales will grow by £24,000 from £150,000 to £174,000 between 2018 and 2022. The rise was above the projected rise for the whole of the UK which is 14.2 per cent.

Savills expects different pockets of Britain will see marked differences in house price growth over the period.

Its projections range from an average 18 per cent increase in the North West to about seven per cent in London.

The report said the North West region in particular had 'a robust economic outlook and strong employment growth'.

Looking across the country generally, Savills said cash buyers, who account for 34 per cent of all house purchases, have become more dominant and this trend is expected to continue 'as others struggle to access the market'.

It expects to see a sharp fall in mortgaged buy-to-let investors over the coming five years, following various tax changes which it said had a combined impact of restricting activity in this sector.

Savills said there had already been signs that some mortgaged buy-to-let investors may be selling stock.