Average property prices in Cardiff reach a record high
Average property prices have quadrupled over the last 20 years in Cardiff, making it stand out from other developing cities in the U.K.
According to H&M Properties, the average price of houses has risen from £51,000 in 1999 to over £205,000 in 2019. Making it difficult for young people to afford a home in the capital..
According to Sean, a spokesperson from H&M properties, “In recent years Cardiff has been one of the strongest cities in the UK for property value growth.”
This has affected the way people buy properties in Cardiff as it has become tougher for young people to own a house at all. According to the website RIghtmove, in some parts of the CF postcode area, homes are selling for £300,000 more than they were in the year 2000.
Below is an interactive map to help analyse the changes in property prices from the summer of 2000 to the summer of 2018.
According to Kay Pas, a student at Cardiff Metropolitan University, “After just searching on the internet for a place to let after college, I was shocked by how tough it is for young people like me to get into the housing ladder,”
“Cardiff properties are too expensive for millennials anyways, the pay scale in Cardiff doesn’t match its inflating prices according to me.”
In some parts within commuting distance from Cardiff, like Barry, the growth has been unprecedented. The prices in Barry have jumped 10.6% in the last year, which means the locality has seen higher growth in property asking prices than anywhere else in Britain outside of London.
The average asking price in Barry now stands at £191,050, sitting a notch lower than the average price of properties in Cardiff.
This combined with the average salaries of Cardiffians makes for an interesting trend in property sales. According to Payscale, the average Cardiffian earns £24,000 which makes potential future buyers worry of their prospective purchase and mortgage payments.
Experts also predict a continuation of similar trends as Douglas Haig, the director for Wales of the Residential Landlord Association, said, “There is currently overall uncertainty within the market, mainly due to Brexit, but there are indicators pushing in both directions that will support house price growth.”
Northwood UK, experts in property have given Cardiff a prediction of steady inflation, meaning by 2021, average prices would have gone up another 16%.