Carmarthenshire and Ceredigion were amongst the Welsh counties where house prices decreased most in 2023.

New statistics unveiled by Devonalds Solicitors reveal that the two counties had a notable fall in house prices, according to Land Registry data covering January to December 2023.

Carmarthenshire had a 3.64 per cent reduction, with house prices dropping from £211,419 to £203,726.

Wherein, in Ceredigion prices registered an even larger drop of 8.33 per cent, moving from £254,595 to £233,387. This is the biggest drop in Wales.

Vale of Glamorgan, Pembrokeshire, and Gwynedd were the only areas in Wales to present a rise in house prices, with increases of more than 1 per cent.

Despite this, the situation was not positive on the whole, with most regions experiencing price falls.

Rhian Derrick, partner at Devonalds, shed light on the consequences of the unsettling trends.

She said: "Fluctuating house prices, as evidenced by the recent data from the House Price Index, underscore the inherent volatility within the property market, particularly in regions throughout Wales."

She further warned homeowners of the potential financial implications, stating: "As house prices decrease across many areas within Wales, homeowners may face challenges in maintaining the value of their properties, potentially impacting their equity and financial plans."

However, Ms Derrick also recognised a silver lining for potential buyers and noted: "However, for prospective buyers, this presents an opportunity to enter the market at more affordable rates, potentially realising their dream of homeownership sooner than expected."