The average house price in Wales is now more than £14,000 below a peak seen in August last year, according to an index.

According to Halifax, the new average house price in Wales in January was £210,275, down by nearly £14,000 from a peak of £224,210 in August.

The annual rate of house price growth in Wales slowed from 6.0% in December to 2.0% in January.

Across the UK the average price is now £12,000 below the August peak, however properties remained largely unchanged in January 2023 at £281,684, compared with December 2022.

READ MORE: How house prices are faring in Flintshire and Wrexham - according to latest figures

Property values increased by 1.9% annually – the lowest level recorded over the past three years.

Back in August, the average UK house price was £293,992.

Kim Kinnaird, director, Halifax Mortgages, said: “We expected that the squeeze on household incomes from the rising cost-of-living and higher interest rates would lead to a slower housing market, particularly compared to the rapid growth of recent years.

“As we move through 2023, that trend is likely to continue as higher borrowing costs lead to reduced demand.

“For those looking to get on or up the housing ladder, confidence may improve beyond the near-term.

READ MORE: The average house prices across Wrexham according to latest figures

“Lower house prices and the potential for interest rates to peak below the level being anticipated last year should lead to an improvement in home buying affordability over time.”

Over the last year, the average sale price of property in Flintshire rose by £22,000 – putting the area 14th among Wales’s 22 local authorities with price data for annual growth.

In Wrexham property prices in the area grow by 9% over the last year with the average sale price of property rising by £17,000.