Wales' average house price tops £200k in 'race for space'

The average house price in Wales has gone over £200,000 for the first time, the country's biggest building society has said.

The Principality said lockdown had encouraged a "race for space" with people buying larger properties with bigger gardens.

Eighteen of the 22 council areas in Wales saw record prices in the last three months of 2020.

But sales were down 21% over that period compared with the previous year.

All council areas saw an increase in prices from 2019.

The average price for a home in Wales is £209,723.

The Principality's House Price Index does not take account of inflation over years so this is the "nominal value" rather than the "real value".

Taking account of inflation, Wales was 7% below the record high from September 2007 but is the highest since July 2008 in real terms.

Prices rose by 8.2% in 2020, the highest rate of increase in 15 years.

But there are concerns that some people might find themselves unable to get on to the property ladder due to rising prices.

Not all property types are increasing equally, with demand for detached houses higher than other homes and the price of flats "languishing since April 2020".

The Principality index is based on sales figures from HM Land Registry.