Back in January, Savills published a survey that looked into property prices in Wales over the last decade. The survey revealed that house prices across Wales have risen steadily, prompting economists and market analysts to suggest that the recession may be coming to an end. While the figures for Welsh property prices are indeed impressive, suggesting that the recession will soon be over may be a little too premature as there is still a long way to go before figures in many sectors such as retail recover to their 2007 peak.
However, we’re happy to reveal that Cardiff’s property market is beginning to boom, with property enquiries soaring as people start to find they have a little extra money in their wallets as a result of the growing economy. As well as this, the introduction of a Welsh Help to Buy scheme has made things even more affordable.
Cardiff Bay has seen renting figures and house prices increase significantly as our Cardiff Bay Branch Manager, Bradley Young, revealed in an article in Cwtch Magazine. Over the last 6 months, the number of first-time buyers in the Bay has increased dramatically, and our Cardiff Bay branch agreed £1 million worth of property sales in the first six weeks of 2014 alone!
But first-time buyers are not the only ones being attracted by Cardiff’s growing property market. Across the Bay and city-wide, investors have also begun to return to the market as a result of the improving economy and their growing confidence. Most of our recent buy-to-let purchasers have received a 6% gross return, with some reaching as much as 9%.
Cardiff Bay is just one of the areas in the city which is recording significant improvement, as many other Cardiff districts have also begun to pick up the pace in the sales market. Cardiff is a beautiful city which is perfect for students, young professionals and families. It boasts excellent potential and the city will only continue to grow thanks to significant redevelopment funded by Cardiff Council and the Welsh Government.
So whether you’re a young professional looking to purchase your first home, or somebody looking to sell up and move to somewhere bigger, we can assist you at every stage. Feel free to pop into one of our Cardiff branches, where our friendly staff will be happy to help with any questions or queries. We’re looking forward to hearing from you!