House prices increased by 2.8 per cent in Gwynedd in November, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 14.8 per cent over the last year.

The average Gwynedd house price in November was £221,402, Land Registry figures show – a 2.8 per cent increase on October.

Over the month, the picture was different to that across Wales, where prices decreased 1.6%, and Gwynedd was above the 0.3 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Gwynedd rose by £29,000 – putting the area fifth among Wales’s 22 local authorities with price data for annual growth.

The highest annual growth in the region was in Caerphilly, where property prices increased on average by 17.2 per cent, to £194,000. At the other end of the scale, properties in Conwy gained 6.4 per cent in value, giving an average price of £217,000.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Property prices increased by 10.3 per cent in the year to November, slowing from 12.4 per cent in October.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First-time buyers in Gwynedd spent an average of £194,000 on their property – £25,000 more than a year ago, and £59,000 more than in November 2017.

By comparison, former owner-occupiers paid £253,000 on average in November – 30.9 per cent more than first-time buyers.

Owners of terraced houses saw the biggest rise in property prices in Gwynedd in November – they increased 2.9 per cent, to £170,551 on average. Over the last year, prices rose by 15.4 per cent.

Among other types of property:

Buyers paid roughly the same as the average price in Wales (£220,000) in November for a property in Gwynedd. Across Wales, property prices are roughly the same as those across the UK, where the average cost £295,000.

The most expensive properties in Wales were in Monmouthshire – £364,000 on average, and 1.6 times as much as more than in Gwynedd. Monmouthshire properties cost 2.7 times as much as homes in Blaenau Gwent (£135,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.