House prices rise 11 per cent (From Penarth Times)

House prices rise 11 per cent

HOUSE prices in Penarth shot up by 11 per cent in 2005, a survey has revealed.

Results of the survey, carried out by Halifax Estate Agent, showed that only six other towns in Wales witnessed bigger house price growths than Penarth, the largest being in Holyhead with a massive average increase of 30 per cent.

And Penarth, along with Chepstow, remained the most expensive place in Wales to purchase a home for the third successive year. These towns are the only Welsh towns where the average price exceeds £200,000 (Penarth, £207,976, and Chepstow, £225,200).

The gap between house prices in Wales and the south of England has narrowed over the past 12 months. At the end of 2004, the average property in the south of England cost 1.6 times as much as in Wales.

The average price in the south of England was £213,201 compared to £134,359 in Wales. During 2005, the gap narrowed with the average property in the south of England now 1.4 times more expensive than in Wales.

The average price in the south of England is now £215,600 compared to £152,500 in Wales.

Phil Delaney, Halifax Estate agency regional manager, said: "Several towns in Wales recorded double digit house price growth in 2005.

"We expect the Welsh housing market to pause for breath in 2006 following the very rapid rise in prices over the past few years, performing broadly with the UK average."