Cardiff Annual Housing Market Index
Highlights:
The average price of a home in Cardiff in 2007 was £183,473
Average house prices in Cardiff have increased 4.1% since 2006 (up from £176,270) and 4.6% between 2005 and 2006
The overall number of property sales in Cardiff was down 27.6% on figures for 2006
Terraced homes proved the most popular properties with homebuyers in Cardiff, making up 40.5% of sales in 2007 and 42% in 2006
Terraced homes experienced the strongest price growth in 2007, with prices up 7.4% on 2006
Apartments were the weakest performing property type in 2007, with prices down by 1.5%
The first million pound home was sold in Cardiff during 2007, located in Ty Gwyn Avenue
House Prices & House Sales
While average house prices rose by 4.1% in 2007, the Cardiff property market experienced a fall in sales, with the total number of sales down 27.6% on the previous year. Apartments fell in price, with the average price down 1.5% in 2007, but other property types recorded strong growth, led by terraced homes which surged 7.4% in price. The city has a wide appeal, offering a range of different properties with varying price tags. Terraced homes continue to dominate the housing mix, with the number of sales consistently outstripping other property types each year since 2000.
Summary
Growth in the Cardiff property market was diminutive in 2007, with the number of sales down 28% on 2006. However, while the number of sales fell, typical prices ended the year on a high up 4.1% since 2006.
The average house price in Cardiff was £183,473 in 2007. While this signifies a positive level of growth on figures for 2006, it shows a continued slowdown in the city, following on from previous annual rises of 4.6% between 2005 and 2006 and 7.9% between 2004 and 2005. This suggests an end to the initial boom in the Cardiff property market, which saw prices increase by 86% between 2000 2004, following significant regeneration to the citys civic centre and quayside.
Terrace properties recorded the largest price growth in 2007, up 7.4% on the previous year. Terraced homes have consistently topped the property mix in Cardiff, proving popular with a range of homebuyers - making up 42% of all sales in 2006, and 40% in 2007.
In contrast, the sale of apartments in Cardiff is beginning to shows signs of stuttering, partly fuelled by an oversupply in the city centre. Between 2001 and 2003, apartments commanded a higher average price than terrace homes - 7.9% higher in 2001, but in 2007 this came full circle with the average price of a terraced home now 12% higher than apartments.
With its average price remaining below the average for the city at £171,338, terraced homes offer an avenue to first time buyers and young families. The high volume of terraced homes and continuing low costs have also brought many investors to the market, attracted to the established university town which boasts a dynamic local economy and a well supported infrastructure.
Download the pdf document to view detailed illustrations of the Cardiff housing marke
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