It’s not typically the peak period for sales and lettings, but the summer could have some surprises in store, particularly if our tips for making your property stand out and shine are taken on board.
Here, we provide an update on what’s happening in the market and trends to be aware of, so you can make the most of buying, selling, renting or letting over the summer months.
What’s happening in the rental market?
While Zoopla’s quarterly rental market report reveals that rental growth is at its lowest level for 30 months, competition for rental properties is still higher than the pre-pandemic average.
The labour market and sustained high interest rates have kept more households, particularly those looking to buy their first home, in the private rental market and drives demand for rental properties despite the imbalance between supply and demand currently.
The latest data from the ONS shows that the average private rent price increased by 8.5% in the 12 months to May 2024. Cardiff’s average monthly prices range from £793 for a one bed property to £1450 for a property with more than four bedrooms, demonstrating the steadily increasing rent prices we expected this year.
What changes could affect the market?
The results of the general election, taking place on 4 July, could see a new government formed in Westminster. The political parties set out their key housing policies in their manifestos ahead of the vote which included further support for first-time buyers, increases to stamp duty thresholds and surcharges, and pledges to build more homes.
Housing is a devolved power, so the Welsh Government make decisions for the sector here in Wales. Julie James MS, the recently appointed minister for housing, has set out her priorities in a speech in the Senedd and is focused on tackling homelessness and delivering affordable social housing for rent.
What price can I expect my house to sell for?
In the 12 months to April 2024, house prices increased by 0.4% but monthly house prices have decreased by 2.1%. The average house price in Wales is now £208,000. House prices in Cardiff fell by 1.6% from April 2023 to April 2024, with the average house price in the capital now £259,370.
At Thomas H Wood, we tap into the changes and trends in the market to provide high quality advice to buyers, sellers and renters in Whitchurch, Radyr and the wider Cardiff area. With our help, you can find the right property at the right time. Call us on 02920 626252 or visit https://thomashwood.com/.