We share our thoughts on this week’s Nationwide House Price Index…
According to Nationwide’s House Price Index, UK property prices have continued to witness a slow-down in growth in June, rising by 3.3% compared to 4.6% compared May.
While the average house price in Wales, according to Nationwide, now stands at £144,701, Cardiff remains the most expensive place to buy in Wales, with an average house price of £228,949.
However, this really shouldn’t come as a surprise.
Cardiff is a growing, capital city and has all the amenities and appeal that other major cities across the UK offers. With an array of leisure facilities, shops and restaurants throughout, there is a lot of opportunity for prospective buyers in Cardiff, especially as it provides a ‘big-city’ atmosphere. Equally, it is a great strategic location to access some of Wales’s finest scenery, with good links to beaches and the countryside in equal measure.
With good links throughout Wales and the M4, Cardiff is also an ideal hub for commuters who can enjoy the benefits of the city while working in other parts of the country.
The huge student population in and around Cardiff has also been a key driver of house prices in the capital, with many graduates using the city as an ideal place to progress their careers without having to fork out the extreme prices that London demands.
The city has also seen significant investment and a lot of major employers move into the area in recent years and now houses a number of high-profile blue-chip companies, attracting more white-collar professionals into Cardiff and the surrounding areas.
Certain areas within the city will always command higher prices, mainly due to popularity and scarcity of properties in equal measure. The demand that areas such as Cyncoed and Penylan have seen in recent years have massively outstripped supply and thus the prices will continue to rise.