House prices dropped by 2.5% in Powys in May, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.5% annual decline.

The average Powys house price in May was £232,846. Land Registry figures show a 2.5% decrease on April.

Over the month, the picture was different to that across Wales, where prices increased 2.5%, and Powys was lower than the 1.2% rise for the UK as a whole.

Over the last year, the average sale price of property in Powys fell by £1,100 – putting the area 16th among Wales’s 22 local authorities with price data for annual growth.

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The highest annual growth in the region was in Blaenau Gwent, where property prices increased on average by 9%, to £138,000. At the other end of the scale, properties in Merthyr Tydfil lost 14.5% of their value, giving an average price of £129,000.

First-time buyers in Powys spent an average of £205,040 on their property – £250 less than a year ago, but £42,990 more than in May 2019.

By comparison, former owner-occupiers paid £259,080 on average in May – 26.4% more than first-time buyers.

Owners of terraced houses saw the biggest fall in property prices in Powys in May – they dropped 3% in price, to £162,596 on average. But over the last year, prices rose by 0.1%.

Among other types of property:

Detached: down 2.2% monthly; down 1.3% annually; £308,333 average

Semi-detached: down 2.6% monthly; up 0.8% annually; £209,298 average

Flats: down 3% monthly; down 3.2% annually; £96,897 average

Buyers paid 7.8% more than the average price in Wales (£216,000) in May for a property in Powys. Across Wales, property prices are low compared to those across the UK, where the average cost is £285,000.

The most expensive properties in Wales were in Monmouthshire – £332,000 on average, and 1.4 times the price as in Powys. Monmouthshire properties cost 2.6 times the price as homes in Merthyr Tydfil (£129,000 average), at the other end of the scale.

Factfile

Average property price in May

Powys: £232,846

Wales: £216,002

UK: £285,201

Annual change to May

Powys: -0.5%

Wales: +2.4%

UK: +2.2%