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Flat Prices In Cardiff

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I have been following apartment prices in Cardiff for a while now and I am almost tempted to buy. You can get one of the modern city centre apartments pretty cheap now. I have seen some 2 bed flats which according to land registry figures sold at over £200k a few years ago and are now on the market for about £120k. I want to live in the centre of Cardiff but rents seem to be increasing. I can't get a decent 2 bed for less than £700 a month (plus agency fees etc). If I can get together a deposit it would be MUCH cheaper for me to buy and then I don't have to deal with rouge landlords and the letting agents. I could rent out the other room to a mate if I needed any help covering the morgage. I know prices could fall further but how much further. I'm not sure I want to put off buying forever. What do you think?

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I have been following apartment prices in Cardiff for a while now and I am almost tempted to buy. You can get one of the modern city centre apartments pretty cheap now. I have seen some 2 bed flats which according to land registry figures sold at over £200k a few years ago and are now on the market for about £120k. I want to live in the centre of Cardiff but rents seem to be increasing. I can't get a decent 2 bed for less than £700 a month (plus agency fees etc). If I can get together a deposit it would be MUCH cheaper for me to buy and then I don't have to deal with rouge landlords and the letting agents. I could rent out the other room to a mate if I needed any help covering the morgage. I know prices could fall further but how much further. I'm not sure I want to put off buying forever. What do you think?

Whatever your opinions on the direction of the housing market, new build flats are certainly the riskiest area of it.

Plus the hardest to mortgage without a meaty deposit.

Give it another 6 months to a year in rental, things will look much clearer by then.

I don't know the Cardiff market, but I frequenty negotiated 20% off asking rents in Leeds and Manchester, so don't take those prices at face value.

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I am thinking of waiting a little longer. I'm looking for a new flat to rent right now but I'm not having much success. I think the flat prices have fallen so much already for all the reasons you outlined in your reply. I will need a hefty deposit if I do go for a modern apartment but thats what I want to live in as I've lived in far too many damp and dark terrace houses as a student.

Maybe I'll keep up the flat rental hunt for a while and may get lucky. May have to see if "bank of mum and dad" will help with the deposit.

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None of us can give you financial advice on a forum - you have to make your own decisions... but why not consider waiting a few more months to see how Wales is affected by the public sector job cuts.

The Welsh Assembly spending review is supposedly in November so why not wait until then to see what is announced?

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None of us can give you financial advice on a forum - you have to make your own decisions... but why not consider waiting a few more months to see how Wales is affected by the public sector job cuts.

The Welsh Assembly spending review is supposedly in November so why not wait until then to see what is announced?

Wish I could gaze into a crystal ball. I don't want to make a fortune on some investment I just want somewhere nice and stable to live. A generation ago I could have done that quite easily. It just doen't seem fair really. I am really worried about the job cuts that are looming. I think I could just about afford to buy somewhere at the moment but am a bit scared about what might happen to the economy. I think that double dip could well be on the horizon. I'm not so worried about losing money on the flat I buy - if I need to move to a bigger property in say 5 years and prices have gone down then I'm quids in as my new house will be even cheaper. But what if prices go down and suddenly the bank decides my equity in the property is not high enough and starts hiking up my repayments.

Cardiff prices could well fall significanlty over the next few years. I have seen many properties on the market at very little below the peak price. Some even seem to be selling - if just doesn't make sense.

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Wish I could gaze into a crystal ball. I don't want to make a fortune on some investment I just want somewhere nice and stable to live. A generation ago I could have done that quite easily. It just doen't seem fair really. I am really worried about the job cuts that are looming. I think I could just about afford to buy somewhere at the moment but am a bit scared about what might happen to the economy. I think that double dip could well be on the horizon. I'm not so worried about losing money on the flat I buy - if I need to move to a bigger property in say 5 years and prices have gone down then I'm quids in as my new house will be even cheaper. But what if prices go down and suddenly the bank decides my equity in the property is not high enough and starts hiking up my repayments.

Cardiff prices could well fall significanlty over the next few years. I have seen many properties on the market at very little below the peak price. Some even seem to be selling - if just doesn't make sense.

The best advice is to wait 6 months to see the efect of the cuts.if price remain similar for flats, then it's ok. But I suspect there will be another hit. Also ask yourself, can you afford a 7-9% mortgage rate? It maybe the norm within 2 years. The 'geberation ago' point is exactly the point. And within 3 years, the prices will have returned to trend or better.

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Also, don't forget to factor in the service / management charges on a flat. The ones I've seen in Cardiff are anything between £1200 and £2200 a year - that's between £100 and £180ish a month.

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And you can get stung with joint payments for repairs - on a flat I owned some years ago I had a bill out of the blue fo £5k of ext decs.

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  • 150 Brexit, House prices and Summer 2020

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      • down 5% +
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