Cardiff property prices rising as fast as in London
If you've lived in Cardiff for more than a few days, you'll know that it's a fantastic city to reside in, with loads of activities to do, a thriving shopping and eating culture, as well as some of the friendliest people you could ever hope to meet.
With Cardiff Council making continual improvements to our already fantastic city, such as the construction of the Central Square development outside Cardiff Central railway station, there'll soon be even more reasons to move to the Welsh capital!
Cardiff's desirability can be proven by the fact that in 2016, Cardiff's property prices rose almost as fast as those in London.
Property prices are on the up
In the recent Cities House Price Index by Hometrack UK, it was shown that the value of properties in Cardiff rose by 7.2% in 2016, while property prices in London for the same period rose 7.3%.
However, despite the similarities in price percentage increases, there is a big difference between the average actual price of properties in both cities. The average property price in London is £484,800, while the average price for a Cardiff property is modest in comparison at £195,100.
Bristol was the UK city to see the fastest rise in property prices last year, with an increase of 9.6%, closely followed by Manchester which saw its average property price increase by 8.9%.
2016 accounted for the lowest annual property price rise for London since 2013.
The property market is seeing a shift
Hometrack UK has said that the information gathered from the Cities House Price Index indicates a shifting trend when it comes to property purchases. It’s clear that buyers are turning away from buying property in big cities such as London, instead turning their attention to more affordable cities with an equally thriving community, such as Cardiff. However, despite this shift, it’s still evident that the recovery of house prices has been rather muted in recent years.
The reason why Manchester and Birmingham have both seen such rapid house price rises is because market conditions are extremely strong, and because the supply of properties in the areas is only just covering the demand for property. This in turn is keeping an upward pressure on house prices. These healthy market conditions suggest that property prices over the next 12 months will continue to record above-average rises.
Cardiff is an increasingly attractive city for students and young professionals, and as a result, property demand across the city is extremely high, which means that, if you’re a landlord, now’s the perfect time to rent out your property. What’s more, if you’re considering selling a property across Cardiff, current market conditions are in your favour, so don’t delay, get in touch today to see what we can achieve for you.
If you’re looking to sell your property get in touch today to arrange your free, no-obligation house evaluation. We have had almost 20 years’ experience of buying and selling properties in Cardiff, so we’ve become quite adept at getting you the best deal. For information, you can email us at enquiries@cpshomes.co.uk, or you can pop into one of our three Cardiff-based branches.
