E.surv director Richard Sexton said: “Wales is the only region in England and Wales where house prices have risen for six consecutive months. Even London can’t boast such consistent growth. What’s more, it’s also the only region outside of London where prices are higher than this time last year.”

However, the upbeat headline figures mask a deeply fragmented market. E.surv points out that relatively wealthy older buyers, investors and retirees are taking advantage of competitive mortgage rates to buy up property, as are those looking for a place to park cash, while first-time buyers are struggling to get a look in.

This is reflected in the price differential between detached and semi-detached houses sought by wealthier buyers, and flats which represent typical first-time buyer stock.

That disparity is likely to grow throughout 2012 as Wales, with its disproportionately heavy dependence on public sector employment, suffers weaker economic conditions than most of the UK.

Sexton also points out that “Peacock’s – one of the country’s leading businesses, based in Cardiff – is currently teetering on the brink of administration.

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“The Council of Mortgage Lenders has done its best to paint a bright picture of mortgage lending in the coming year, but the property canvass in the Principality is sure to darken for first time buyers.

“Spooked investors are less willing to invest in banking stocks, which is frightening the markets and pushing up the cost of funding for banks. They will focus mainly on shrinking their assets and protecting their balance sheets against more potential shockwaves from the Eurozone. New lending to first time buyers will be way down on their list of priorities.”