The cost of housing in Cardiff may be important to you for a range of reasons. Perhaps you’re looking to buy in the local area and are keen to know roughly how much you should expect the average house to cost. Alternatively, you may be thinking of selling your Cardiff home, and need to know whether you’re set to make any money on your existing property.
Regardless of why you need to know, an insight into the property market in Cardiff is useful for a range of reasons.
We’ve put together a comprehensive Cardiff Property Market Report to help you navigate house prices and how they change, information on the Cardiff economy, transaction details such as how many sales there have been in Cardiff over the last year, and some data on demand for housing in the Welsh capital city.
Cardiff House Prices
First, let’s take a look at the average house prices in Cardiff. We’ve included some information below on the average sales price for different property types, and how this has changed in a 12-month period.
What Was The Average Sales Price On All Property Types?
The average sales price by property type in the Cardiff area in August 2022 was as follows:
- Detached Houses: £520,210
- Semi-detached Houses: £334,824
- Terraced Houses: £279,018
- Flats: £172,953
- All: £314,643
What Is The Current Average Sales Price On All Property Types?
As of August 2023, the average sales prices by property type in Cardiff were the following:
- Detached Houses: £530,104
- Semi-detached Houses: £351,517
- Terraced Houses: £259,223
- Flats: £173,677
- All: £304,990
Change in average prices (by property type)
We’ve included below the change in percentage of average property prices based on different property types:
- Detached Houses: +2%
- Semi-detached Houses: +5%
- Terraced Houses: -7%
- Flats: +0%
- All: -3%
What is Cardiff’s economy like?
Cardiff has a generally positive economy, due to a diverse number of industries working in the Welsh capital including finance, tourism, and education.
Employment levels are comparable with the rest of the UK and Cardiff’s GVA (Gross Value Added) is rising more quickly than any of the other UK capital cities.
It’s important to look at property transactions when forming a full view of the Cardiff property market. Take a look at the below sections to learn more about transactions in Cardiff in regard to property.
How Many Sales Have There Been Per Month In Cardiff
In August 2023, there were 187 properties sold in Cardiff. See the below bullet points for how these have been divided by property type:
- Detached Houses: 27
- Semi-detached Houses: 45
- Terraced Houses: 81
- Flats: 34
What % Change Is This From The Previous Year?
This has changed quite significantly compared with the previous year. It seems that there have been far fewer property sales in Cardiff in August 2023 when compared with August 2022, see below for the exact figures:
- Detached Houses: -73%
- Semi-detached Houses: -72%
- Terraced Houses: -64%
- Flats: -70%
What Is The Demand For Housing In Cardiff?
The demand for housing in Cardiff is high, which is largely due to a growing population, stability in the economic market, and the popular culture that the city of Cardiff has to offer.
While the rise in interest rates has led to a slight decline in demand for property over the last 12 months, this is likely to increase in the near future due to the population growing further and interest rates decreasing in line with inflation.
Is There Much Opportunity For Investment In Cardiff?
Cardiff is an excellent city for investment opportunities, particularly when it comes to property.
Rental yields in Cardiff are very good, which is why many landlords choose to purchase investment buy-to-let properties in the Welsh capital.
With an average property price of £314,643 and an average monthly rental income of £1,533 per calendar month, this provides a rental yield of 5.8%, which is considerably higher than the UK’s average rental yield of 3.63%.
Sell Your Property With We Buy Any Home
Having read the above property market report you should now have a wealth of information regarding property prices in Cardiff and related information.
If you’re in a position where you’re looking at selling your Cardiff home in the near future, We Buy Any Home can help you significantly streamline your selling process to ensure a quicker sale, without sacrificing the sale price.
We can do this because we’re the largest property cash-buying company in the UK. Our process is super quick because we cut out time-consuming processes involving banks and mortgage lenders, plus we don’t charge any fees for our services unlike estate agents and solicitors as we claim our money back from our property buyers.
So how does it work? Simply request a free cash offer for your property via our website and we’ll get to work. You’ll receive a phone call from one of our experienced representatives within 24 hours to provide you with a price before we instruct a surveyor at our expense to take a look at your property and provide a final valuation. We’ll appoint a solicitor to act on your behalf over the cost of the sale (also at our expense), and once you’ve accepted our final offer on your home you may receive your funds in just 7 days!
Get a free cash offer for your Cardiff property via our website today – you won’t regret it!