House prices in Wales have gained the fastest rise over other UK nations according to new data from 2012 offered by the Office of National Statistics (ONS).  The increase over other UK nations amounted to 4.1% in the twelve months leading to February.  The average house price for a home property in Wales was £160,000 for February which is an increase over the £154,175 average cost recorded for February 2012.

While increases are optimistic there is a downside when consideration is given to the fact that February’s average house price was still below the August 2012 average of £161,000.

Ed Stansfield, a property economist with Capital Economics, remarked “You really can’t read a great deal into these numbers. There are just not enough transactions going on to put a great deal of weight on the picture in Wales versus Anglia or the East Midlands versus Yorkshire.

“My understanding is that the local economy in Cardiff is doing comparatively well, but it’s a very different story once you get five miles outside the city centre.”

Optimism is returning to the housing market with more first time buyers expected to return to the property ladder due to new government schemes aiding them in purchasing property.  The data from ONS revealed that first time buyers across the UK paid more by 1.6% for their first home than a year ago with the average reaching £173,000.  Data from Rightmove, an online property listing site, revealed that house properties are staying on the market 10 days less than they were in April of last year with the current time being 73 days.  The new confidence in the housing market is being seen in sellers increasing their asking prices to the highest levels ever in the month of April.