As the leaves turn and the crisp cold weather starts to seep in, it’s the perfect time to take stock of where things stand in the housing market. Whether you’re looking to buy, sell or rent the latest data and trends paint a picture of a market that’s relatively steady, competitive, and full of opportunity if you know where to look.
How are sales looking?
Cardiff continues to outperform the Welsh average in terms of property value. The average house price in the capital was £268,000 in July, compared to £209,000 across Wales. Detached properties sold for an average of £516,000, while semi-detached and terraced properties generally sold at around £317,000 and £256,000 respectively. For buyers seeking flats and maisonettes, the average price for sales of these properties was £161,000.
Buyer demand remains strong, despite a little dip in the summer, according to Zoopla, who report that across the UK buyer demand is up 4% and agreed sales are 5% higher than the same time last year. House price growth is also levelling out by rising more slowly than average earnings, helping to make properties more affordable for both first-time and seasoned buyers.
What’s happening in the rental market?
Across Cardiff, Wales and the UK, the average rental price continues to increase. In August, monthly rents in Cardiff ranged from £881 for a one bed property to £1,660 for a home with four or more bedrooms.
Zoopla’s latest rental market report suggests that although demand is cooling in the market, the number of homes for rent is steadily rising. The average letting agent now has 19 homes for rent, compared to 13 homes as reported last quarter. An increase in the number properties to the market could help contribute to correcting the imbalance between supply and demand, however the challenge of affordability for renters still needs to be addressed.
Is now a good time to enter the market?
Buyer activity typically spikes in September as people return from their holidays and try to secure a sale before the end of the year. While spring remains king in terms of the seasons for sales, autumn can be a golden window where well-presented homes stand out and attract serious interest.
If you do enter the market to sell your property during this period, take Rightmove’s advice! Reduced properties take three times longer to sell than those priced correctly from the start. With experts who know Cardiff inside and out, our team can help inform you with local knowledge to ensure you start the process off right.
Whether you’re looking to buy, rent, sell or let in 2025, it’s imperative to keep up with the everchanging housing market to assess your requirements and needs. Call us at 02920 626252 or visit us in branch in Whitchurch and Radyr to get expert advice on a smooth property journey and getting it all signed on the dotted line.