At CPS Homes, we've found the Cardiff property market to be incredibly strong this summer, with more activity than we've ever experienced before. Whilst we had some concerns over the stamp duty (land tax holiday) ending, it seems to have had quite the opposite effect.
(Based on data from May – Jul 2021)
Total sales agreed: 62
Total instructions brought to market: 79
Between May and July we have had almost 1,200 new buyers register their details and search criteria with us. Some of the best performing areas have had an average of 20 viewings conducted, with lengthy cancellation lists and multiple offers. In July we saw the highest number of new instructions and agreed sales of all the summer months and noticeably the highest level of buyers registering their details and search criteria.
Sellers who had been waiting in the wings for the madness to end bringing their properties to the market and buyers who were cautious through lockdown are now ready to take the plunge and look for their new home. This trend is already showing signs of continuing into August with a stronger than expected number of properties already arranged to come to the market and a good level of sales already agreed.
We're regularly achieving impressive prices and the average time taken to sell is at a record high. For every property we've listed this summer, we've had buyers willing to pay asking price or above, in just a few days after listing. Sellers remain firmly in the driving seat when it comes to negotiating as demand continues to outpace supply.
Our videographer and editor, Scott, has definitely been a busy boy, producing some incredible promotional videos which our buyers just can’t get enough of. From early pre-market teases and full on promos, they are seriously storming the market and the results are clear to see from the incredible number of viewings being generated which in turn has achieved some fantastic over asking price sales.
Now that restrictions have been lifted in Wales, we expect the market to pick up even more pace. The number of valuations we have already been invited to attend in August offers encouraging signs that more homeowners are planning to bring their properties to the market which will in turn provide buyers with more choice.
If you have any questions about the property market trends in a specific part of Cardiff, don't hesitate to get in touch with me today. Call 02920 454555 or drop an email to firstname.lastname@example.org. Don't forget you can also get an instant valuation for your property in seconds, with our free online tool.