The Welsh capital city of Cardiff is a highly popular area that many people are now choosing for their next property, with an estimated population of over 350,000 people.
So, if you’re thinking about moving to the Cardiff area, how much would a house cost you? This may seem like an overwhelming question, but there’s no need to worry. Here at We Buy Any Home, we have many years of experience in buying properties in Cardiff, and therefore have built up knowledge of the Cardiff property market that we’re willing to share with you today.
Keep reading to understand how the Cardiff property market has changed, the most popular kinds of property in this area, as well as how property prices differ depending on the property type. We’ll also give you a comparison of how Cardiff property prices differ when put side by side with the average national UK house prices.
How Have House Prices Changed in Cardiff Over the Past Year?
In the last year, house prices in Cardiff have changed significantly. The average price of a house in Cardiff is currently £292,971, which is a 5% increase from the previous year.
This shows that purchasing a house in Cardiff is a good investment, as property prices are increasing. We know that properties are holding their value over time too, as properties in Cardiff have increased by 15% when compared to the 2020 peak in average house prices in Cardiff of £253,923.
What is the most popular style of house in Cardiff?
The most popular style of house in Cardiff is terraced houses, with 101 terraced houses sold in Cardiff in December 2022 alone.
This makes up over 40% of all sold properties in Cardiff during this period, showing that terraced houses are by far the most popular style of house in the Cardiff area.
Price of types of houses in Cardiff
Cardiff house prices vary depending on property type, which is why we’ve broken down property prices by different sorts of properties below.
You’ll find pricing information on flats, terraced houses, semi-detached houses and detached houses in the following sections, including information on how these prices compare to the national averages as well as their position in popularity in the city of Cardiff.
Flats
Flats in Cardiff sell for an average of £163,795, an increase of 1% when comparing data from December 2021 with that of December 2022.
The average price of a flat in the UK is £233,400, which is 42% higher than the average price of a flat in Cardiff. This shows that flats in Cardiff are a good investment, particularly when compared with flats in more expensive areas.
In December 2022 there were 42 property sales for flats in Cardiff, which makes up 16.8% of the overall properties sold in this area.
Terraced Houses
Next up is the most popular type of property in Cardiff: terraced houses. As mentioned above, terraced houses make up 40% of all property sales in this area, which could be because they are the main type of property within the Cardiff area and are highly popular among both families and students due to their close proximity to the city centre and university.
They are also more affordable than semi-detached/detached houses while still providing a good amount of space and historical features.
The average price of a terraced home in Cardiff is £282,125, an increase of 15% when comparing data in December 2022 with that of December 2021.
In comparison with the rest of the UK, terraced houses in Cardiff are almost 17% more expensive, with the average price of a terraced house in the UK being £241,147.
Semi-Detached Houses
Semi-detached homes in Cardiff are the second most popular type of property in Cardiff, with 76 semi-detached homes sold in this area in December 2022. This makes up 30.4% of the total number of properties sold in Cardiff for this time period.
The average cost of a semi-detached house in Cardiff in December 2022 was £362,336, a 15% increase on the December 2021 figure of £313,743.
When comparing the price of semi-detached homes in Cardiff with that of the national average, Cardiff semi-detached properties came in 20% more expensive, with the average price of a semi-detached house in the UK being £286,413.
Detached Houses
Lastly, we have detached houses, the least popular property in terms of the number of properties sold in the Cardiff area. Just 31 detached houses were sold in Cardiff in December 2022, a 73% decrease from figures seen in December 2021.
This makes up 12.4% of the total number of properties sold in this area – this large decrease year on year could be due to high interest rates towards the end of 2022, or the cost of living crisis encouraging people to stay put rather than spending money moving.
The average detached property price in Cardiff in December 2022 was £420,000, a 3% decrease on figures from December 2021. This decrease is likely due to rising interest rates in the autumn of 2022 causing house prices to reduce slightly in many areas.
In the whole of the UK, the average property price is £463,108, which is 10% more expensive than the average Cardiff detached property. Cardiff is a great place to consider purchasing a detached home, particularly while house prices have taken a dip.
How We Buy Any Home Can Help
If you have a house in Cardiff and you’re looking to sell up, get in touch with We Buy Any Home. As the biggest online estate agent in the UK, we specialise in purchasing properties with cash, helping us to secure property sales for our customers quickly with no sacrifice to the property price.
We’ll even cover the costs of your house surveyors and legal representation throughout the property sale. We can do this by taking our fee from the property buyer, making your house sale cost-effective as well as time-efficient.
To get started, get a free cash offer via our website. You’ll receive an offer from us within 24 hours, and once you’ve accepted our offer you could receive the funds from your property in as little as 7 days!
Get a free cash offer today on your property to get your Cardiff house sold quickly, for the right price.
