The rise of property prices across Wales
As a Cardiff-based estate agency and letting agency, we primarily focus on property across the many beautiful areas of the Welsh capital. However, we like to stay abreast of the latest news and trends from the property market across Wales and the UK as a whole, as this allows us to provide our clients with the best possible service.
Last week, we discussed the best times to buy and sell a property across Wales, and this week, we will be analysing new data from the Office for National Statistics (ONS) which has broken down the average house prices in every area of England and Wales to reveal which areas have recorded the highest and lowest property price changes in the last 20 years.
Where have property prices increased in Wales the most?
According to the data, the area of Pillgwenlly in Newport recorded the highest increase in property prices over the last 20 years, up 469%. The area near the Newport Transporter Bridge has seen major regeneration during the last 20 years, which has helped push up property prices. Llyn Peninsula in Gwynedd and Rhosneigr in Anglesey followed closely behind, with property prices rising by 376% and 349% respectively. Moving down the list, Hengoed in Caerphilly saw property prices increase by 347%, followed by Pontcanna in Cardiff and North Powys in Powys, both of which saw property prices increase 345%.
Rounding off the Top 10 places in Wales for property price gains were North Anglesey, Anglesey (+340%), Machynys, Llanelli (+337%), Grangetown, Cardiff (+334%), and finally Raglan, Monmouthshire (+326%).
Which areas in Wales have property prices increased the least?
The data from the ONS revealed that not every area of Wales has seen property prices increase by such large margins. Caerau and Nantyffyllon in Bridgend only saw property prices increase by 82% over the last 20 years. Likewise, Porth, Wattstown and Ynyshir in Rhondda only saw increases of 105%. Rhondda Cynon Taf featured heavily in the list with Penrhiwceiber, Mountain Ash, Abercynon, Pentre and Ton Pentre only recording increases of 112%, 118%, 120% and 129% respectively.
What about Cardiff property?
As mentioned above, Pontcanna (+345%) and Grangetown (+334%) were the two most successful areas of Cardiff, but on the whole most areas across Cardiff saw significant increases in property value. However, property prices in areas such as Splott, Llanishen, Canton, Pentwyn and even Pontprennau rose significantly slower than many other areas across Cardiff, with property prices in these areas rising less than 200% since 1995.
Perhaps unsurprisingly, areas in London saw the biggest rise in house prices, with the Victorian station area of Westminster topping the chart with an increase of 1,200%, or in monetary values, property prices in this area increased from £173,000 in 1995 to £2.3 million today!
If you are thinking about buying or selling a property across Cardiff, why not give CPS Homes a call today? We can offer you a free property valuation to determine exactly how much your property is worth and help take the stress out of the selling/buying process. To find out more, contact our Cardiff Bay branch today on 02920 480490 or email: bay@cpshomes.co.uk.
