House prices in Pembrokeshire, Carmarthenshire and Ceredigion have all risen in the second quarter of 2024, with homes in Ceredigion rising at the fastest rate across the whole of Wales.

The figures have been released from Principality Building Society’s Wales House Price Index for Q2 2024 (April-June), which demonstrates the rise and fall in house prices in each of the 22 local authorities in Wales.

Principality’s report shows that Ceredigion has recorded a double-digit increase in house prices in Q2, rising by 16.2 per cent since last quarter and 8.8 per cent when compared to the same period the previous year to an average price of £281,381.

In Pembrokeshire, house prices have risen by 4.7 per cent quarterly and 5.6 per cent annually to an average price of £261,624. House prices in Carmarthenshire have risen at a slower rate, up 1.1% on the quarter and remain down by 3.2% when compared with Q2 2023.

Gwynedd has seen a 1.5 per cent drop in house prices over the last quarter with the average price now £227,433.

Powys has recorded a 5.9 per cent drop, with the average home now costing £245,664.

Across Wales, the average price of a home in Wales has risen to £236,369 in the second quarter of 2024, making this the first time that prices have increased since December 2022, when the peak average price of £249,000 was recorded.

Shaun Middleton, Head of Distribution at Principality Building Society, said: “The second quarter of 2024 has brought much-needed positive news to the Welsh housing market. After five consecutive quarters of declining house prices, we are now seeing a recovery.

“The picture across Wales shows that local authorities have been reporting quarterly price increases, rather than decreases, for the first time since 2022, translating into a steady rise in house prices.”

There were 10,200 transactions in Wales in the second quarter of 2024, 24 per cent more than in the first quarter and 16 per cent up on the same period a year ago. This represents an area of growth, as quarterly transactions have continuously declined since late 2021.

In a recent survey, 66 per cent of Principality’s members reflected that the type of home and its size are the two most important factors when looking for a home, with the detached house a preference for many buyers.