House prices in Pembrokeshire have risen by more than 10 percent in the last year, according to the latest figures released.

The House Price Index figures from the Principality Building Society for July to September 2021 show that average house prices in in Pembrokeshire have risen to £233,553, an annual increase of 10.1 per cent.

In neighbouring Ceredigion average house prices have risen to £233,574, an annual increase of 10.5 per cent while Carmarthenshire has experienced a 17 percent rise with prices rising to £193,735.

The figures reveal that the price of homes in Wales hit a new peak of £218,783, 11.5 percent higher than the same time the previous year. Every local authority in Wales has experienced a rise in house prices in the last quarter when compared annually.

This marks the third consecutive quarter where annual house price inflation has been in double-digit percentages – the strongest performance since the mid-2000s.

Every local authority in Wales experienced a rise in house prices in the third quarter when compared annually, with an increase of more than 15 percent in nine of the 22 local authority areas.

Although more than half of Welsh local authorities reported a fall in prices in the third quarter against the previous quarter, Pembrokeshire and Carmarthenshire bucked that with house prices continuing to rise. However, in Ceredigion there was a drop against the previous quarter.

Tom Denman, Chief Financial Officer at Principality Building Society, said: “The Welsh housing market, like those elsewhere in the UK, has outperformed expectations this year.

“Demand has been higher and more resilient than many expected, and although market support in the shape of the Land Transaction Tax holiday and furlough payments has now ended, the scale of pent-up demand has been such, aided by savings accumulated in lockdown and continued low mortgage rates, that the market has continued to flourish.

He added that evidence so far from the fourth quarter is indicating that ‘price expectations have been lowered and the rate of growth has slowed’, with an expectation that interest rates will rise in the near term having an impact on buyers and sellers.

For more information go to principality.co.uk/mortgages/house-price-index.