Newport has seen the highest increase in house sales across the whole of the UK, with a 31 per cent leap from the first quarter of 2015 to the first quarter of 2017, according to figures released by Principality Building Society.

The figures in the society's quarterly house price index also reveal that the average house price in the city is now £176,090 and that house prices in Newport have risen 5.1 per cent annually but have seen a 0.7 per cent fall in Q2 2017 compared to the first three months of this year.

The report concluded that the reason for the increase in transactions in the city was due to the large number of new-build properties sold in Newport in the first three months of 2017.

In Monmouthshire house prices rose 0.8 per cent annually, but saw a 4.5 per cent drop in Q2 compared to Q1 2017. The average price of a home in the county stands at £242,231 - the most expensive average price for the whole of Wales.

The figures for Torfaen were -2.7 per cent annually with a 0.4 per cent rise in Q2 compared to Q1 2017. The average house would now set you back £148,042.

In Blaenau Gwent both figures went up - 4.3 per cent and 3.6 per cent respectively with an average price now £96,197.

Caerphilly saw the annual figure rise by 0.9 per cent with a fall of 4.2 per cent in Q2 compared to Q1 2017. The average price of a home was £140,042.

Across the whole of Wales the average house price in Wales has increased by £1,375, or 0.8 per cent, over the last 12 months.

This annual rate is the lowest seen since August 2013 with the growth in average house prices slowing as the momentum the housing market eases.

The report found that house prices in Q2 2017 were 2.1 per cent lower than in Q1 2017, indicating that the market is slowing down. During the second quarter of the year a degree of uncertainty has pervaded the housing market of Wales.

Tom Denman, chief financial officer at Principality Building Society, said: “In general terms the housing market tends to adopt a cautious

attitude when the future direction of the economy becomes uncertain.

"We can therefore expect to see further fluctuations in housing sales and prices, as potential purchasers weigh up the pros and cons of making what is one of the largest investment decisions of their lives.

"The cost of living is rising, which means that consumers need to spend more just to maintain their current standard of living. This is a significant extra pressure for those who are saving for a deposit. Mortgage rates, however, remain at historic lows and the market is highly competitive for those who do choose to purchase, whether for the first time or to move up the market.”