CPS Homes

House prices reach highest level in 6 years

House prices rising

Figures released by the Office for National Statistics have revealed that house prices in Wales are currently at the highest level recorded since 2007, with prices increasing by more than £1000 between September and October 2013. The report also announced that sales of properties were at the highest level since 2007, with the average property price now around £155,000, a 2% increase on the 2012 figure.

While house prices in Cardiff generally rose, the figures also revealed that first-time buyers were flocking to Cardiff, increasing prices significantly. Prices of first-time buyer homes were up by 7.4% from October 2012 to October 2013.

House prices rise is a national trend

Across the whole of the United Kingdom house prices have risen, with the 2% rise in Wales representing the smallest increase across all regions. Scotland’s house prices rose 3.3%, Northern Ireland’s increased by 4.8% and England saw an increase of 5.7%; overall house prices across the UK rose by 5.5%, up from the 3.8% increase previously recorded. If London and the South East’s figures are removed the overall increase was actually 3.1%.

The Office for National Statistics’ report also revealed that house prices in London were rising faster than any other region, and the UK’s mix-adjusted House Price index reached 186.3 in October 2013, an increase of 0.2% on the levels recorded in August.

Finally, the report reveals that the national prices paid by first-time buyers were 5.9% higher than in October 2012, while prices for existing owners increased by 5.3% during the same period, showing that Cardiff’s 7.4% increase was higher than the UK’s average.

Are you looking to buy a property in Cardiff? Is so we at CPS Homes can help, we have hundreds of properties across many areas in Cardiff, including Roath, Penylan, Canton and Adamsdown. Take a browse through our properties and get in touch if you would like any further assistance. 

24 December 2013

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