HOUSE prices in Newport have reached a new peak this year.

During the first quarter of 2021 (January to March), Newport homes sold for an average of £228,876, the highest figure ever.

The figures were revealed in the Principality Building Society’s Wales House Price Index for the quarter, which demonstrates the rise and fall in house prices in each of the 22 local authorities in Wales.

Newport house prices rose by 10.6 per cent annually and 5.9 per cent quarterly.

The rising house prices were seen across Wales also as the country set a new peak average house price of £212,751, with annual house price inflation climbing to 10.1 per cent, the first double-digit percentage increase since 2005.

Tom Denman, chief financial officer at Principality Building Society, said: “The bounce back of the housing market during the pandemic has been stronger than some had anticipated, and if that momentum is maintained, it may be that the strong housing market recovery will continue through the rest of the year and into 2022.

"Pent-up demand due to a shortage of houses on the market, continuing low interest rates, wage growth for those in work, plus the incentive of the Land Transaction Tax, has led to this new record peak of average house prices.

"Looking further forward this growth could be impacted by the end of the LTT holiday and the furlough scheme, but much will depend on the overall recovery on the economy.”


Every local authority in Wales reported an annual rise in house prices in quarter one of 2021,

Monmouthshire saw a 2.9 per cent rise to £307,754, Torfaen saw a 10.1 per cent rise to £197,432, Caerphilly saw a 5.2 per cent rise to £165,757, and Blaenau Gwent saw a rise of 5.5 per cent to £114,161.

Estimated sales were up 40 per cent on the same period last year.

According to monthly data from HMRC, there were 3,880 sales in January, 4,610 in February and 8,170 in March.