According to figures released by the Land Registry, Wales was the best place in the UK for average year-on-year house price rises outside of London.
House prices in Wales rose by 2.9% over 2012-2013 compared to 3.1% in London. The increase is due to a number of factors including the amount of opportunities the Welsh property market offers families, retirees, investors and other buyers.
Buy-to-let investors are particularly prominent in Wales because of the strong student populations found in the bigger cities. For example in Bangor current rents vary between £300 and £360 a month which is significantly higher than the average for Wales.
Cardiff, Carmarthen and Aberystwyth are also popular with students and therefore buy-to-let investors. The average one-bedroom property in these areas goes for around £650-£725 a month and four-bedroom properties average at around £750-£900 a month.
While the student property market is as popular as ever in Wales, there are a few other forms of property that are helping push the Welsh property market to new heights. Holiday rentals are increasingly popular with waterside properties in Cardiff and Swansea particularly prevalent, because they’re always in high demand and command high prices.
Although the property market in Wales is constantly growing, if you search, there are relatively cheap houses to be found on the market. Auction rooms are extremely useful for people seeking low-priced properties, and have previously seen terraced houses in Ebbw Vale sell for £12,000. This is extremely cheap when compared to Wales’ average house price of £117, 385.
It is hoped that an introduction of Help to Buy funding in Wales could benefit the property market even further. Speaking about the prospect, Glyn Mabey, regional chairman of Persimmon said:
“I’m hopeful that dialogue with the Welsh Assembly indicates that support will be introduced in the coming months”.
Here at CPS Homes we offer a range of properties for all budgets. We have properties available in Cardiff Bay, Cardiff City Centre, Cathays, Llandaff and many other areas so check out the properties we have available to rent and buy. If you’re a landlord looking to rent out a property we can help you too. Please get in touch today. No matter what your situation, we can help!