As the capital city of Wales, Cardiff is a popular area to live in, and is admired by residents and prospective buyers alike. But how have the average asking prices on Cardiff homes changed in recent years?
This is a popular question among people looking to buy properties in the Cardiff area, and is key if you’re thinking about relocating as you may want to be sure that your investment is a good one.
In this article, we’ll provide a comprehensive guide to average asking prices on Cardiff homes, including information on sold prices, average sale times, price changes and average estate agent fees. Read on for all the details!
Cardiff Market Summary
We’ll begin by taking a look at some average sold prices, breaking this down by property type and comparing this with previous years.
Average sold price
The average property price in the Cardiff area is £289,599 (July 2023) which has decreased by 5% year on year.
Semi Detached Houses
How have prices changed?
We’ve compared the change in Cardiff house prices over the last 12 months, however, there have also been significant changes in prices when comparing data from 5 years ago and 10 years ago.
We’ve included below some information on the change in property prices in these time frames, with some indications of how this has increased or decreased with current prices.
|Property Type||Current Price||12 Months Ago||5 Years Ago||10 Years Ago|
Average sale time
The average sale time of property in Cardiff varies greatly depending on the area, the condition of the property, and the current housing market/mortgage rate situation.
Currently, a property in Cardiff will spend an average of 12 weeks on the market. While this is quicker than the national average of between four and six months, 12 weeks is still a long time which is why many property sellers choose a company like We Buy Any Home to achieve a quicker property sale.
You could receive your funds in as little as 7 days by selling your property to us – get a free cash offer via our website to find out more.
Asking price change -1.3%
Another statistic that is important when it comes to the Cardiff property market is the average change in asking price.
While a property might sell for a certain amount of money, it’s important to also analyse the change in asking price to determine if properties are achieving their asking prices and how often they need to be reduced to obtain a sale.
Are properties achieving the asking price?
In the last 6 months, asking prices have decreased by an average of 1.4%. This suggests that homes are generally selling for similar prices to their valuations, however, there is a small decrease. This tells us that there is a high demand for houses in the Cardiff area and that there may be a seller advantage as the decrease in asking price is low, but perhaps houses are being slightly over-valued when initially introduced to the market.
How often do agents reduce their original valuation?
The data above tells us that agents are regularly needing to reduce their original valuations to achieve a property sale.
This can increase the length of time that a house is on the market, which is why it’s important to value a property accurately from the very beginning, to prevent time being wasted by reducing the asking price. This is another main reason why many of our customers sell their homes through us, as we provide a set valuation from the start which can help their properties to sell far more quickly.
Average estate agent fee
Estate agents’ fees are another factor that must be considered when it comes to the Cardiff property market. These fees can often be expensive, and will likely impact the final amount of funds that you’ll receive from your Cardiff property sale.
In Cardiff, estate agent fees are an average of 1.2% of the final property sale price. So if you were to sell a detached property for its average sale price of £511,816, you’d be paying estate agent fees of £6,141.
The average estate agent fees for selling a home in the UK are 1.18% + VAT, so Cardiff is following the national average here.
How We Buy Any Home can help you sell your home
If you have a Cardiff home that you’re looking to sell, reach out to We Buy Any Home.
We can help you sell your property in a few simple steps, and specialise in helping our customers to get their Cardiff home sold as quickly as possible.
To get the ball rolling on your property sale, simply request a free cash offer via our website. From this point, a member of our helpful team will be in touch to clarify all the details, and you’ll then be appointed with a solicitor and property surveyor at our expense, provided you’re happy with the valuation we’ve provided. A final offer will then be issued based on the survey, and if you choose to formally accept this offer you could receive your property funds in just 7 days!
Get a free cash offer for your Cardiff property today and fast-track your house sale.