Looking to relocate to Swansea and wondering where the most affordable areas are? Look no further! Swansea, a beautiful coastal city located in Wales, UK, has a lot to offer, including natural beauty, culture, history, excellent education, and friendly people.
Whether you’re a student, young professional, or retiree, Swansea has something for everyone. In this article, we’ll explore some of the most affordable places to live in Swansea, perfect for those looking to buy a home or to sell to cash house buyers who are always interested in property in Swansea.
Property Prices in Swansea
Let’s take a look at the overall property picture in Swansea and how it compares to the rest of Wales and England.
The average property price in the Swansea area is £216k, which has increased by £14.6k (7%) over the last twelve months. In comparison, the average property price in England & Wales is £358k, so Swansea offers some real bargains. Although the price of a newly built property is slightly higher, most properties in Swansea were sold in the £100k-£150k price range, followed by the £150k-£200k price range in 2022
Most Affordable Areas
Now let’s dive in and discover where the most affordable areas to live in Swansea are.
You may be surprised to learn that some of the most affordable properties in Swansea, and even in the whole country, lie very close to the city centre. Griffith John Street, Swansea, had properties going for as little as £37,000 in 2019. With regeneration underway, now is the time to invest and cash house buyers are looking to buy property here too. Swansea’s city centre was significantly damaged during World War II but today features a combination of post-war semis and Victorian terraced houses. The Maritime Quarter, located a short distance from the city centre’s shopping district, offers contemporary apartments situated within a marina environment.
Mayhill is situated on top of a steep hill that overlooks the city centre, docklands, and Swansea Bay to the south. The district boasts several park and nature reserve areas, including Bryn y Don and a Site of Special Scientific Interest on the border of Townhill. There are plenty of affordable property options in Mayhill. Property on Long Ridge, Mayhill for example can go for as little as £40,000! There are not many areas in the whole of the UK where you can get so much for so little.
Townhill is a residential district with a population of just under 9,000 people. The Garden City layout of Townhill was designed by Ernest Morgan, a Swansea city architect, in the early 1920s. Today, Townhill consists of a council estate and some private housing spread over a steep hill, providing lots of affordable investment opportunities for cash house buyers. The area overlooks Swansea city centre, Swansea Docks, and Swansea Bay and Cockett, Gendros, and Cwmbwrla to the north making it a desirable area close to many amenities and attractions without the associated price tag. The area is surrounded by the Rosehill Quarry Community Park, which includes a waterfall and several ponds with recreational facilities such as picnic tables, play equipment, and a BMX bike track. Local amenities include a public library, primary school, and playing fields. Although Swansea Metropolitan University’s campus in Townhill closed in 2018, it is still a popular area for students due to its affordable rent rates.
According to data from Rightmove, some properties in Blaenymaes have been sold for as little as £45,000 in the past few years, making it one of Swansea’s most affordable areas. Even semi-detached houses have been sold for under £65,000, so if you are looking to invest, this might be a perfect location. Like many urban areas, Blaenymaes also faces some challenges, but these do not differ too much from other areas of the city or indeed the rest of Wales.
Why Invest in Swansea Property Now?
If you’re considering investing in property, Swansea is a promising location to keep in mind. Here are a few more reasons why manty people are selling up to cash house buyers and relocating to Swansea:
Good Average Yields
Swansea buy-to-let property investors can expect an average rental income of £811.18 per month, providing a 5.11% yield. These high yields are 1.48% more than the UK average and a 0.69% increase on Wales’s average, although as you might expect Cardiff offers slightly higher yields of 5.35%. In 2019, four Swansea postcodes were among the top 10 for the best rental yields in Wales, with SA1 in fourth place providing rental yields of 5.78%. Additionally, Wales house prices grew by 13.9% in the year leading up to January 2022 – an increase from the 12.4% recorded in December 2021.
Opportunity for Student Property Investment in Swansea
Swansea has a student population of over 24,000 and growing. With a predicted increase in student numbers by 2025, student rental demand in Swansea is likely to rise. Investing in student property in Swansea could be an excellent opportunity to expand your property portfolio and receive great yields.
Swansea has undergone significant development, including the £1.3Bn Swansea Bay City Deal – which includes a 3,500-capacity area at Copr Bay, hundreds of new houses, and public spaces. The SA1 Waterfront Regeneration Scheme, which includes the Discovery Leisure Quarter, new offices and housing, and a student accommodation complex, is also underway. The Maritime Quarter and Swansea Marina are scenic hubs for culture, living, and commerce. In addition, the Green Revolution initiative aims to increase green infrastructure to 26% by 2030 and increase tree canopy cover to 20-25% by 2044. By investing in the more affordable areas now, they should rise once the regeneration is complete.
Thriving Service Sector
Swansea is now a service sector hub with roles in tech, communication, and financial services plentiful. The DVLA employs over 6,000 people in the city, and Swansea Enterprise Park was the UK’s first enterprise zone with a range of businesses and shops – in fact Swansea Market was crowned ‘Britain’s Best Large Indoor Market 2020.’
Investing in property in Swansea could offer a great opportunity for above-average yields and high capital growth potential. With the city undergoing significant regeneration and a thriving service sector, it’s worth considering one of the affordable areas we outlined as a location for property investment.