Sian Hiatt, Sales Manager, explains how recent figures show that the average sale time of a property in Cardiff is one week quicker than last year, and 24 days quicker than the national average...
Recent data revealed by Barclays Mortgages and Hometrack show that homes across the UK are taking an average of 84 days to sell - nine days longer than last year - however, it’s a mixed bag across the UK with many cities showing improving market conditions, and that includes the city of Cardiff.
The data has revealed that Scotland is currently the fastest property market to sell a home in the UK, with it typically taking just over a month to find a suitable buyer in Edinburgh (31 days) and Glasgow (39 days), though properties were selling around one week quicker in 2018.
Here in Cardiff things are the opposite, with the recent figures revealing that it’s taking on average one week less than last year to sell a property. A property is on the market in the Welsh capital for an average of 60 days, and the speed up of sales is largely attributed to investment in the infrastructure of the city, increasing student numbers, significant job creation and house prices that sit below the national average.
Other areas of the UK that are showing improving housing markets include Newcastle (82 days) and Middlesbrough (114 days), where properties are taking 19 and 16 days less to sell compared to last year, as well as Liverpool (13 days less), Wolverhampton (5 days less) and Bradford (4 days less). The housing markets in Birmingham and Sheffield have remained mostly static with no noticeable difference when compared to the average sale time in 2018.
On the other end of the scale, Derby is the area that has experienced the biggest increase in time spent on the property market, where homes are typically taking almost a third longer to sell compared to last year (34 days longer on average). While Middlesbrough has proven to be the area where homes take the longest time to sell, with an average of 114 days on market - although as noted previously this is still down from 130 days last year, partly due to the disproportionate number of buy-to-let properties that have been affected by tax changes and low demand.
Hannah Bernard, head of mortgages at Barclays, says that the property market has several components to it which can make it difficult to navigate, especially for first time-buyers looking to take their first step onto the property ladder. She says its important that help is offered so that buyers can become more knowledgeable about the overall market and so they can make informed decisions during the buying process.
For useful advice on purchasing a property in Cardiff, be sure to check out our 10-step buying guide.
Here at CPS Homes we’re proud to be Cardiff’s largest letting and estate agent, with branches in Roath, Cathays and Cardiff Bay. For expert advice on buying, selling, renting or property management, be sure to contact our knowledgeable team by calling 02920 668585, e-mailing email@example.com or by popping into one of our branches.