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Powys house prices jump 11 per cent in a year

Average house prices in Powys have jumped 11 per cent since 2017, new figures have revealed.

According to the UK House Price Index published by the Land Registry, the average sale price is now £197,226 after a 3.3% jump in October.

First time buyers would pay on average £173,357 for their first home while the average price for a current owner-occupier is £219,764.

The vast majority of houses sold are existing properties, with just 61 new builds purchased for the first time over the past 12 months. In total 1,858 homes were sold in Powys.

Frances Clacy, research analyst at estate agents Savills, said: “House prices across the UK increased by an average of 2.7 per cent in the 12 months to October 2018, according to the latest ONS house price index.

“We are continuing to see house price growth slow because of the uncertainty surrounding the UK’s negotiations for leaving the EU, as well as tighter lending criteria and increases to mortgage regulation which mean it’s harder for buyers to borrow against their incomes.”

Source: Shropshire Star