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Economic Development

House price surge in Wales as spikes of 23% and 16% in two rural counties spark 'crisis' fears

Carmarthenshire and Anglesey saw the biggest increases in the average price of a home over the last year

View of Beaumaris from the Menai Strait. Photo by Ian Cooper(Image: Ian Cooper/Daily Post Wales)

Wales has seen a spike in house prices in the last year - sparking warnings of a "crisis" as one county sees values go up nearly 23% in just 12 months.

The latest Land Registry figures show the average price of a home in Wales is up 11% in March, compared with the same month last year.

This is slightly higher than rises seen in England and Scotland.

Certain counties have seen even bigger rises with Carmarthenshire's average price up 22.7% to £183,000 and prices on Anglesey up 15.8% to £211,000 - despite the island having some of the lowest wages in the º£½ÇÊÓÆµ.

Land Registry said: "In Wales, all 22 local authority areas showed an increase in average house prices in March 2021 when compared with March 2020.

"Carmarthenshire showed the strongest growth, rising by 22.7% to £183,000 in the year to March 2021.

"In contrast, Pembrokeshire showed the lowest annual change, with an increase of 4.5% in the year to March 2021, with the average house price at £188,000.

High demand and low supply to the market are fuelling the spike - and Covid is increasing the interest in rural and coastal properties. The Land Transaction Tax relief - which runs out at the end of June - is also fuelling demand.