CPS Homes

Our Sales Director, Nathan, reacts to latest house price data in Cardiff

House price data

Office for National Statistics data shows house prices increased by 4.1% in the 12 months to March 2023, meaning £11,000 was added to the value of the typical home, with the average property price stood at £285,000.
 
On a monthly basis, however, prices fell for the fourth consecutive time, decreasing by 1.2% in March 2023, which followed a slight drop of 0.1% in February 2023.
 
Our Sales Director, Nathan Walker, reacted to the news by saying:
 
“Taking an objective view of the Cardiff market, things remain surprisingly positive, with a strong number of properties coming to the Spring and early Summer market achieving record-high prices in many cases. I mentioned in my recent Spring Update that buyers continue to show a distinct preference for refurbished and new-build properties, with premiums happily being paid.
 
Whilst still selling quickly, properties requiring renovation aren’t achieving the prices experienced during 2021 and 2022. This is largely down to the increased costs of labour and materials, making things like extensions and loft conversions an unreachable goal for many.
 
Cardiff remains an exceptionally popular place to live, with demand from buyers across the city and the surrounding areas still high, even if buyer numbers have seen a slight decline: hardly surprising given the consecutive interest rises seen over the last six months. It’ll be interesting to see how things develop over the next six months.”

Our sales team have their fingers on the pulse when it comes to the property market dynamics in Cardiff and would happy to provide you with an accurate and comprehensive valuation, free of charge. So whether you’re thinking of selling, or just curious to know the current value of your home, reach out to us on 02920 454555 or email Nathan directly at nathan.walker@cpshomes.co.uk.

31 May 2023

    The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.

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