Cardiff House Prices

[Hbird]

Things have certainly started to move in North Cardiff over the last few days. New properties coming onto the market

have definately started to see that there is a housing issue. I've seen a few 4 beds coming on under 300K.

House in the road I live would normally be on market for 270K, but they are now coming down to 230-220K

Lets hope the momentum keeps up - still a long way to go, but starting to look like a major HPC more likely.

Don't know about you, but this doom and gloom was getting me down. And I don't want to jinx anything, but there may be a meer glimmer of light at the end of this long tunnel.

[The Masked Tulip]

Things have certainly started to move in North Cardiff over the last few days. New properties coming onto the market

have definately started to see that there is a housing issue. I've seen a few 4 beds coming on under 300K.

House in the road I live would normally be on market for 270K, but they are now coming down to 230-220K

Lets hope the momentum keeps up - still a long way to go, but starting to look like a major HPC more likely.

Don't know about you, but this doom and gloom was getting me down. And I don't want to jinx anything, but there may be a meer glimmer of light at the end of this long tunnel.

The 250 jobs at Peacocks and the 200 at Lloyds that went this week ain't going to help the Cardiff market.

[long time lurking]

Photographs of the nightlife

http://www.telegraph.co.uk/news/picturegalleries/uknews/8784306/Cardiff-after-dark-Maciej-Dakowicz-photographs-the-nightlife-of-the-Welsh-capital.html

Another chicken curry of the bone victim

[abidxxx]

I'm living in South London, I've been watching house prices in Cardiff since 1999 as thats my hometown. Right now you can buy a really decent 4 bed detached in nice areas of S.London with good schools and excellent transport links into Central London for £350k-£450k all day long.

Go to rightmove enter CR26PZ with filters min 3 bed, within 5 miles and price range 350-500 and compare with Cardiff CF24 3LR with same filters.

In Cardiff, equivalent houses, (I can only compare by size, garden, condition, niceness of area (I'm talking Cyncoed, Lisvane), the houses are £450k +, the crazy thing is Cardiff or the South West has nowhere near the employment or salary possibilities of the South East, so I cannot understand how Cardiff prices are higher than London prices.

Cardiff is reliant on the public sector for employment, with government cutbacks, tight lending and higher living costs, I can see a either a massive crash or years of stagnation on the horizon in Cardiff, if you disagree please tell me why you think Cardiff prices should be higher than London.

[abidxxx]

I'm living in South London, I've been watching house prices in Cardiff since 1999 as thats my hometown. Right now you can buy a really decent 4 bed detached in nice areas of S.London with good schools and excellent transport links into Central London for £350k-£450k all day long.

Go to rightmove enter CR26PZ with filters min 3 bed, within 5 miles and price range 350-500 and compare with Cardiff CF24 3LR with same filters.

In Cardiff, equivalent houses, (I can only compare by size, garden, condition, niceness of area (I'm talking Cyncoed, Lisvane), the houses are £450k +, the crazy thing is Cardiff or the South West has nowhere near the employment or salary possibilities of the South East, so I cannot understand how Cardiff prices are higher than London prices.

Cardiff is reliant on the public sector for employment, with government cutbacks, tight lending and higher living costs, I can see a either a massive crash or years of stagnation on the horizon in Cardiff, if you disagree please tell me why you think Cardiff prices should be higher than London.

London example: nice area, schools close by.

http://www.rightmove.co.uk/property-for-sale/property-36375188.html

Cardiff example

http://www.rightmove.co.uk/property-for-sale/property-36610949.html

I do travel to Cardiff quite often so I do know how the city has grown and progressed, I witnessed the 300% prices rises during the last decade, but the underlying drivers for those rises, speculation and cheap available crazy 125% liar loans are gone. What remains is a very fragile employment state, squeezed incomes and stagnating house prices. My advice, come to London, get a similar house, at least you'll have a chance to get a job to pay the mortgage!

[abidxxx]

London example: nice area, schools close by.

http://www.rightmove.co.uk/property-for-sale/property-36375188.html

Cardiff example

http://www.rightmove.co.uk/property-for-sale/property-36610949.html

I do travel to Cardiff quite often so I do know how the city has grown and progressed, I witnessed the 300% prices rises during the last decade, but the underlying drivers for those rises, speculation and cheap available crazy 125% liar loans are gone. What remains is a very fragile employment state, squeezed incomes and stagnating house prices. My advice, come to London, get a similar house, at least you'll have a chance to get a job to pay the mortgage!

And just to be fair to FTB's if you have around £200k to spend

In London

http://www.rightmove.co.uk/property-for-sale/property-20881365.html

In Cardiff :

http://www.rightmove.co.uk/property-for-sale/property-33854143.html

Don't pay stupid inflated Cardiff prices, London is cheaper in some respects, let me just say that again LONDON IS CHEAPER! and you will have better employment prospects..

Ah, but you say, London is more expensive, well I've just shown you that the main expense of housing is similar, gas and electric prices are the same,shopping at Tesco in Cardiff or London is no different, your car insurance may go up slightly, fuel is similar, car tax, council tax is all identical in fact commuting in London is cheaper because of the excellent rail links. There's penty of good schools in fact you get Grammer schools here which are like private schools academically but completely free.

Here's what to do, if you need to or want to live in Cardiff, find a house you like, then offer the estate agent exactly £100k less than the asking price, don't feel bad or guilty about doing this, the seller is deluded and the EA is a blood sucking vampire, so don't even flinch, just calmly offer exactly £100k less than the asking price. If you do this you are making a statement, the statement is "I am not an idiot you can exploit", by pitching the asking price the EA is making a statement, "You must be stupid to pay this, but I going to try anyway because most people are stupid when it comes to buying a house".

If everyone, and I mean everyone sticks to this very simple rule "OFFER £100K LESS THAN THE ASKING PRICE", then Cardiff prices will correct within a month.

Or you can live in your £459k Cardiff, 4 bed semi and commute to London every week to pay for it, as thats the only place you will find jobs to afford to make the mortgage payments.

[LC1]

and on Sunday morning it smells of wee.

And you have to watch your step going down Caroline Street - you can often feel your feet starting to slide on the grease.

Hmmmm, last Friday we just moved into a flat that overlooks said street and the bank holiday weekend was, er, interesting....a few hours of sleep each night in between bouts of drunken shouting between the hours of midnight and 5am on the friday, saturday and sunday.

On a different note, anyone any ideas on whether I should contest the council's valuation of my flat with regards to my council tax band? The flats are brand new and the council state that the band is based on a presumed valuation of what it would have been worth in 2003! I think they're being a bit over-optimistic, although I've asked and it's what everyone else in the apartments pays apparently...

[Tankus]

Get quite a lot for your money in Barry .....just avoid Gibbs town

[LC1]

Get quite a lot for your money in Barry .....just avoid Gibbs town

Quite a few boarded up shops and looking a bit depressed at the moment though...

[Mr ChriZ]

I'm getting more disillusioned by buying my own place in Cardiff.

I'm lucky to be on a pretty amazing salary compared to 99% of people I know in Cardiff and yet it seems the prices that people are asking are going up faster than I'm saving.

£45k to my name. Total budget now coming in circa 200k.

It seems crazy out there though. I put an offer in on somewhere recently that was 14k below the asking price of 209k. It had sat on that price for 6 months and was told the vendor wouldn't go below 205. I'm a first time buyer so no chain.

New places are going on the market for considerably higher than I've ever seen them up for in the past and I've been watching the market for a good 5 years.

In spite of this much of what's on the market seems to be selling quickly.

I just wonder... who is it that's buying all these properties!

Part of me also feels it a foolish move to try and buy here. Not mentioning all the usual thoughts that you see on this site (economy etc) - the houses in Cardiff are quite literally falling apart.

The house I'm currently renting a room in bits of plaster are literally starting to fall from the ceiling because it's badly built, apparently has no foundations to speak of and is probably well beyond it's expected life span. It was recently valued by an estate agent at £230k! I've visited plenty of other houses in the area which seem to be in a similar state.

[The Masked Tulip]

I'm getting more disillusioned by buying my own place in Cardiff.

I'm lucky to be on a pretty amazing salary compared to 99% of people I know in Cardiff and yet it seems the prices that people are asking are going up faster than I'm saving.

£45k to my name. Total budget now coming in circa 200k.

It seems crazy out there though. I put an offer in on somewhere recently that was 14k below the asking price of 209k. It had sat on that price for 6 months and was told the vendor wouldn't go below 205. I'm a first time buyer so no chain.

New places are going on the market for considerably higher than I've ever seen them up for in the past and I've been watching the market for a good 5 years.

In spite of this much of what's on the market seems to be selling quickly.

I just wonder... who is it that's buying all these properties!

Part of me also feels it a foolish move to try and buy here. Not mentioning all the usual thoughts that you see on this site (economy etc) - the houses in Cardiff are quite literally falling apart.

The house I'm currently renting a room in bits of plaster are literally starting to fall from the ceiling because it's badly built, apparently has no foundations to speak of and is probably well beyond it's expected life span. It was recently valued by an estate agent at £230k! I've visited plenty of other houses in the area which seem to be in a similar state.

I am hearing what you are saying more and more.

Lots of people on good salaries in good jobs but because they did not mortgage themselves up to the eyeballs 10 years ago now find themselves a lot worse off than someone who, possibly on a much lower salary, did mortgage themselves up to the eyeballs. The gap between average asking prices and a 'good' salary is still enormous in terms of salary multiple.

I do think that more and more such people will simply decide to leave the UK. OK, a limited choice of where to go but I can see California, Texas and Flordia seeing a big influx of Brits in the coming years.

[Snugglybear]

I am hearing what you are saying more and more.

Lots of people on good salaries in good jobs but because they did not mortgage themselves up to the eyeballs 10 years ago now find themselves a lot worse off than someone who, possibly on a much lower salary, did mortgage themselves up to the eyeballs. The gap between average asking prices and a 'good' salary is still enormous in terms of salary multiple.

I do think that more and more such people will simply decide to leave the UK. OK, a limited choice of where to go but I can see California, Texas and Flordia seeing a big influx of Brits in the coming years.

If they can get a visa.

[The Masked Tulip]

If they can get a visa.

There is a group of US senators pushing a bill through Congress which will allow people permanent residence in the US if they buy a house for as long as they own the house - if that passes you will see a huge influx into the US.

[Si1]

Property is on for £300k, we were told offers had to be over £290k

which raises the question why don't they just put it on at 290k?

as to stoopid public sector types insisting on top prices for their houses - I am not surprised, the public sector management attitude has all been about beanstalk wealth generation, they do not understand the first thing about money and have massively inflated egos, so no surprise that they think their house is special

[bewildered_renter]

Do you use Property Bee, Mr Chriz?

I find it quite therapeutic, and can see plenty of price drops, histories of collapsed sales, and stuff that's been on for a long time. Get all three of those together for one place, and you might have a softer target.

Has to be said though, you don't get a great deal for your money compared with other places, and it's crossed my mind a few times to up sticks to somewhere I could probably afford to buy for cash and trade down a little in salary terms.

[Snugglybear]

There is a group of US senators pushing a bill through Congress which will allow people permanent residence in the US if they buy a house for as long as they own the house - if that passes you will see a huge influx into the US.

The bill hasn't passed yet.

Also, you'd have to buy $500,000 worth of residential real-estate, including a main residence worth at least $250,000 (the rest could be rented out, is one suggestion). You could take a spouse and children under 18. The visa would last three years, and might be renewable, but if you sold your property you'd have to leave the US.

And you wouldn't be allowed to work. To work, you'd need to get a visa under the existing system.

[annisa]

I've been wanting to buy a new family home for the last 2 years, but nothing has come up. Finally, the house of my dreams is available, recently on the market. Good area, 3 bed detached but priced about 200k over my budget. It's sitting empty, Needs updating because who has an avocado bathroom suite these days? What on earth is going on!!!!!!!!! :angry:

There are many houses being sold in the area of penylan in cardiff if you are interested to buy ranging from £189,000 to £190,000. I hope this helps

[HPC Fanatic]

Rics report June 2012 (incase you missed it lol!) and I quote...

Continued increase in the number of properties coming onto the market, complemented by more potential buyers

(viewing and offering). Buyers offering low figures, even on realistic asking prices. Despite the Government's Ne w Buy Schemes and the Bank of Englands credit easing scheme, this is not being filtered through to lenders, thus preventing FTB's

getting onto the property ladder. Increased confidence amoung buyers who have financial ability to purchase, but many making low offers hoping to obtain a bargain.

Just to add...

If EA's are unable to negotiate sales, then somewhere alarm bells must be ringing - and it ain't anything to do with the Olympics!

Don't they want any commission?

EA's have a duty to their clients to stop over valuing properties and assist in making the market move. Realistically priced!!!

And too right I'm out to grab a bargain, I'm working hard for my pennies and have no intention of giving them up without a fight

Rant over!

[HOGWASHFARM]

Last year when we was looking for a home in Cardiff, we viewed lots of properties, one which suited our family needs was on the market for £279,950.

As it needed a new kitchen and new bathroom (As a pink bathroom suite just wasn't our colour) We put in three offers. The last offer was for £250,000

for obvious reasons. (stamp duty) The E.A. told us that the seller would under no circumstances sell at that price. Eleven months later i noticed it had

sold, so as you do, i went online to check out how much for. The answer........ £247,000. Enough said about where cardiff property prices are heading!

[Tankus]

from what Ive seen ,,,, the stickers with issues ...........or very overpriced .....the nice ones are moving after not long on the market

Cardiff is expected to boom in the next 5 years ...with big increases in population and newbuild ...local population bulge reaching breeding age and an expected economic migration from the valleys ...south

Assembly projections indicate that the number of households in Cardiff will significantly increase between 2008 and 2026. According to recent figures, Cardiff's population is expected to grow by 42% by 2033, compared to 2008 figures.

http://www.guardian.co.uk/cardiff/2011/mar/10/cardiff-council-approves-vision-for-local-development-plan

Edited August 14, 2012 by Tankus

[The Masked Tulip]

Last year when we was looking for a home in Cardiff, we viewed lots of properties, one which suited our family needs was on the market for £279,950.

As it needed a new kitchen and new bathroom (As a pink bathroom suite just wasn't our colour) We put in three offers. The last offer was for £250,000

for obvious reasons. (stamp duty) The E.A. told us that the seller would under no circumstances sell at that price. Eleven months later i noticed it had

sold, so as you do, i went online to check out how much for. The answer........ £247,000. Enough said about where cardiff property prices are heading!

How does that make you feel - gutted?

I had a similar thing with a house in Swansea - the only house that I really liked the moment I saw it.

It was on for 100K above my top paying price. The EA swore blind that the sellers would never take below the asking price for 18 months until it eventually sold. I later found out that it sold for 5K more than my offer a good year before.

I am pleased to say that I hear on the grapevine that the EA in question is apparently in NE having bought a 500K plus house at the height of the bubble. B*tch!

[19 year mortgage 8itch]

an expected economic migration from the valleys ...south

that's one excellent reason not to move to Cardiff.

[Hbird]

Help! So frustrated that nothing Is changing. Properties still being marketed at 2007/2008.

Having a wobble today! Need some BEAR motivation, otherwise I'm tempted to buy something overpriced,too small and in dumpsvill.

:angry:

[Shunnyonions]

There is a group of US senators pushing a bill through Congress which will allow people permanent residence in the US if they buy a house for as long as they own the house - if that passes you will see a huge influx into the US.

That's interesting Tulip - any links you have I can read up on ?

[The Masked Tulip]

That's interesting Tulip - any links you have I can read up on ?

http://realestate.msn.com/blogs/listedblogpost.aspx?post=03d5b9e2-3973-406b-ab4a-48ed39283a41&_p=06f0e4fc-086e-4be5-a4f9-0716f77675c8