In 2021, Cardiff also ranked as the third most unaffordable for all homes (new build and existing), with an average house costing more than eight times the average annual salary.<\/p>\n\n\n\n
The ratio of house price to wage has increased dramatically across Cardiff in the last three years, meaning Cardiff has become less and less affordable to live in. <\/p>\n\n\n\n
ONS house prices statistician, Ceri Lewis said: \u201cWe are continuing to see strong annual growth in house prices across the UK, with the biggest rises seen in Wales.<\/p>\n\n\n\n
\u201cRental prices also continue to rise at a rapid pace, with their highest annual growth in over five years. Once again we are seeing price climbs across the board with all nations and regions seeing increases.\u201d<\/p>\n\n\n\n
In 2002, a home in Cardiff cost four times the average salary. In 2021 it cost over eight times as much. Cardiff is now ranked third least affordable in Wales when it comes to all types of homes, behind Monmouthshire and Vale of Glamorgan.<\/p>\n\n\n\n
John Peterson, of North Roath, said: \u201cHouse prices are crazy in Cardiff at the minute, my daughter is paying more in rent than she would for a mortgage.\u201d<\/p>\n\n\n\nIn 2021, Cardiff saw the median house price rise from \u00a3215,000 to \u00a3240,000.<\/p>\n\n\n\n
In that same period, average annual earnings rose by only \u00a3503.<\/p>\n\n\n\n
Having seen how slowly wages are increasing in Cardiff in comparison to the steadily increasing housing market, it is interesting to look at new-build homes.<\/p>\n\n\n\n
In 2002, a newly-built home priced halfway between the most expensive and least expensive, cost \u00a3141,973 in Cardiff. In 2021 it cost \u00a3300,000. The average annual wage has only gone from \u00a319,570 to \u00a329,288 in that time.<\/p>\n\n\n\n
In 2021 the new-build price in Cardiff rose by nearly \u00a340,000.<\/p>\n\n\n\nThis was not the case in three of the 22 Welsh counties, where the price of a new-build actually went down.<\/p>\n\n\n\n
A Cardiff Council spokesperson said: \u201cWe have started an \u00a3800m construction programme that will include 2,800 council homes \u2013 meaning the largest council home-building programme in Wales is underway.<\/p>\n\n\n\n
\u201cWe are also building 1,200 homes that will either be sold at market rates or as part of FirstHomes Cardiff, our Low Cost Home Ownership (LCHO) scheme.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
A new home in the Welsh capital now costs more than 10 times the average annual wage<\/p>\n","protected":false},"author":748,"featured_media":65592,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[52,1068],"coauthors":[7307],"class_list":["post-65587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cardiff-council","tag-housing-crisis"],"yoast_head":"\n
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