Now is the perfect time to brush up on your market updates and see what changes autumn has in store.
Whether you’re thinking of buying or renting, we’ve broken down both market updates so you can find out everything you need, all in one place.
What’s new in the rental market?
Research by Zoopla has revealed that rental inflation slowed to 5.4% this summer, the lowest rate in almost three years. However, while the imbalance between supply and demand begins to narrow, challenges of high demand combined with a lack of available properties persist.
Despite some properties becoming available as renters exit the market to buy their first homes, there are still 24% less homes available to rent in 2024 than in 2019.
According to the latest data from ONS, the average monthly private rent price sits at £752 in Wales. Cardiff’s rental prices range from £814 per month for a one bedroom property to £1496 for a property with more than four bedrooms, an increase compared to the previous quarter.
How active is the property market?
Positive steps towards economic growth has boosted consumer confidence and this is evident in the sales market where activity has been higher in 2024 than 2023. This confidence has led to an increased buyer demand at one fifth higher in 2024 than 2023, possibly influenced by changes to the base interest rate and subsequent falls in mortgage rates.
More sellers are bringing homes to the market, making the number of homes available at a seven-year high. This increase should keep the level of inflation at a steady rate for the rest of the year and into 2025.
How much is a home?
In the 12 months to July 2024, house prices across the UK rose by 2.2% and monthly house prices increased by 0.6%. In Wales, the monthly house price increase is higher than the national average at 1.1%, with the average property price now standing at £218,000.
In Cardiff itself, there has been annual rise of 3.6%, with the average house price in the capital now £272,000.
However, Zoopla reports that one in five sellers have cut the asking price by more than 5% in August to attract interest from buyers. Homes that require a cut to the asking price take approximately 73 days to sell, more than twice as long as a home with no reduction. This emphasises the importance of coming into the market with an appropriate asking price, and the long-term effects of overpricing. Our free online valuation service can assist you in finding the perfect asking price for your property.
We are constantly reviewing the property market to enable us to provide high quality advice and guidance that is accurate and in line with the current trends. Whether you’re looking to buy, rent, sell or let your property, our experts at Thomas H Wood can support you in Whitchurch, Radyr and the wider Cardiff area.
Let us help you find the right property at the right time. Call us on 02920 626252 or visit https://thomashwood.com/.