HOUSE prices in Wrexham have dropped by 3.1% in the last three months (April – June), latest figures show.

The average house price in the county is now £170,495, with the drop revealed in figures released from Principality Building Society’s Wales House Price Index for Q2 2019, which show the rise and fall of house prices in each of the 22 local authorities in Wales. Wrexham’s house prices have fallen annually by 0.8% compared to this time last year.

The Wrexham figures go against what is happening nationally, with house price growth in the last three months across Wales showing a marginal increase of 0.1% to £186,360, but have risen 4.1% on this time last year. This is the highest annual rate of house price growth in the four UK nations in Q2 of 2019 as England has seen a 0.1% fall in prices, with Scotland and Northern Ireland growing by 0.5% and 3.5% respectively.

Tom Denman, Chief Financial Officer at Principality Building Society, believes the increase in house prices annually in Wales is linked to the increase of sales ahead of the Land Transaction Tax in April 2018 resulting in a dip this time last year, rather than any sudden increase in housing demand in Wales during Q2 2019.

He said: "Average house prices rose marginally in June by 0.1% on the previous quarter. The recent trends in Wales show the market has been resilient in the face of political and economic uncertainty.

"It would appear there is a trend of rising house sales on the coast of Wales, perhaps indicating more sales of holiday lets.

"Housing market trends are likely to continue to mirror what is happening in the broader economy. Cost of borrowing remains historically low, while the labour market is relatively healthy.

"People will no doubt be looking for some clarity around Brexit during the next quarter, which is likely to determine the confidence to buy and sell properties."