Whilst historically in Cardiff’s shadow, Swansea, a coastal city and county in South Wales, has in recent years emerged as one of the nation’s most attractive cities to live in. Offering a combination of urban areas and stunning natural landscapes, Swansea is a city that has something to offer for everyone which boasts a strong local economy, good schools, plenty of job opportunities and a thriving housing market. As cash house buyers, we can help people sell flat fast by buying them, and Swansea is an area of the UK we know has fantastic potential.
If you are thinking of investing in or moving to Swansea, a good way to get on the property ladder is by buying a flat.
A Swansea Property Snapshot
Properties in Swansea have an overall average price of £204,245 over the last year. The majority of sales during this period were semi-detached properties, as families look for more space and professionals looking for spare rooms to work from home. Sold prices in Swansea over the last year were 6% up on the previous year and 18% up on the 2020 peak of £173,492, indicating a strong and growing property market in the area. These figures are quite a bit lower than the average price of a property in the rest of England and Wales, where the average price of the property currently sits at £360k. The median price for the Swansea area was £176k, compared to £275k for England and Wales.
A Booming Market
As we can see above, Swansea has the highest rate of house price growth in Wales, up a whopping £39,450 annually. This rise makes Swansea one of the UK towns with the highest rate of house price growth in 2022, but it still ranks in 20th place as the most affordable place to live in the UK. The average salary ranging between £33.4k in Carmarthenshire and £35.4k in Pembrokeshire, coupled with the relatively low cost of property come together perfectly to make Swansea an attractive yet affordable place to buy property. Swansea’s emergence as a popular location for buying properties, from flats to detached properties, can be attributed to its affordability, decent quality of life, an abundance of outdoor space and plentiful jobs, making it an attractive place to live in Wales.
What’s more, Swansea has seen significant recent developments, including the £1.3Bn Swansea Bay City Deal, which includes a 3,500-capacity area at Copr Bay, new housing, and public spaces. Other developments include the SA1 Waterfront Regeneration Scheme and the Maritime Quarter and Swansea Marina, which provide a hub for culture, living, and commerce. All reasons why Swansea is one of the most up-and-coming places to buy in the UK.
Flats in Swansea
As of March 2023, on Rightmove, there were 71 flats up for sale in Swansea ranging from a whopping £495,000 to as little as £49,000. The flat at the lower price is a 3rd-floor studio apartment located in the heart of Swansea City Centre, boasting open-plan living space with a kitchen and bathroom. If you wanted to go to the higher end of the market, for £495,000 you’d get a stunning apartment situated in Grade II listed Clyne Castle, surrounded by beautiful gardens and only a short distance from the seafront and Mumbles. The apartment is full of original detailing, with spacious rooms that are flooded with sunlight through floor-to-ceiling windows and comes with an annual service charge of £7,400.
If we are being more realistic, the average price for a flat in Swansea is £141,000. An example flat on Rightmove comprises a two-bedroom flat located in the popular Runnymede area. The flat is a one double bedroom with wardrobes for storage, a good-sized single bedroom currently used as a dressing room, a modern kitchen with integrated appliances, one modern bathroom, and a living area with natural light. The flat also benefits from communal gardens and has the potential for allocated parking. Such a flat would appeal to first-time buyers as well as buy to let investors looking to capitalise on decent yield returns.
Rental Yields
It is good news if you do plan to buy to let as four Swansea postcodes feature in the top ten best rental yields in Wales, according to Totally Money’s Buy to Let Rental Yield figures. Yields range from 5.97% in the central SA1 postcode down to a still healthy 4.03% in SA6.
Swansea is a city with a lot to offer, a city on the up in more ways than one. With the average price of the property considerably lower than the rest of England and Wales, buying a flat in Swansea is an attractive option for those looking to invest or move to the area. The housing market is strong and growing, and Swansea’s emergence as a popular location can be attributed to its affordability and quality of life. If you want to get in on the action in Swansea, now is the time to buy yourself a flat! If you are looking to sell flat fast in Swansea, then give us a call at We Buy Any Home, we are always looking for flats to buy and sell on or rent and as a reliable cash buyer we can buy a flat in as little as 7 days.
