What sets Cardiff’s booming luxury property market apart?
Cardiff is a large and diverse area full of not only incredible vocational and education opportunities but also surrounded by beautiful landscapes and rich history. It has a bit of something for every taste, from the nautical atmosphere of Cardiff bay, to the bustling city centre, to the quiet chocolate box villages of Lisvane. But it’s in Cardiff’s luxury property market where the most exciting property opportunities lie. So what’s fueling this booming market?
What do the numbers say?
According to House Metric’s heatmap for Cardiff, vast swathes of Cardiff’s bayside properties sit well over £300,000 – the rough average property price in the UK. Many of these properties sport waterside amenities, as well as bay views, creating greater value for buyers.
The Wales Online reported that the average house price in Cardiff had risen from £154,183 to £235,054 – 52.5% over a 15 year period. Clearly, across the board, the city’s prices are increasing.
This makes the city an ideal spot for property investment. For those able to afford the higher-valued property (sometimes reaching above £1 mil), then the trend of rising value will be a lucrative one.
A new generation
One answer to this rising tide of property value is the city’s attraction towards young professionals and young families that are looking to rent or buy their first home. Cardiff is quickly rivalling English cities like London and Manchester, and so is drawing in a much more highly-skilled, higher-paid workforce than before.
It’s an extremely attractive area for its many choices of speeds of living, all within a compact area of the country. Its excellent transport links mean people who live in the area don’t have to commit to one way of living – they get to enjoy the conveniences of the city centre along with the slow pace and fresh air of the Cardiff countryside, which is increasingly important to younger workers.
A sympathetic approach
Historical buildings, despite any potential degradation over the years, are the perfect subjects for luxury development. Recent projects in Cardiff, such Custom House, Empire House and Cathedral Parc speak to the sensitivity with which such developments are approached.
While cities such as Cardiff may have historically housed thousands of dock workers and facilitated industrialisation, the city’s historical buildings are a lucrative opportunity to appeal to a new generation of young professionals seeking greater standards of accommodation.
While the common advice is that older homes are less expensive than new builds, many first time buyers have been put off from substandard building work that is unfortunately common across the UK. Because of this, many buyers are looking to live in older buildings that have been adapted for modern living – and many are willing to pay extra for it.
Influx of Build To Rent
Another contributing factor to the luxury property market is the professional lettings market, especially in Cardiff city centre. The build to rent market has seen a dramatic increase in Cardiff with the first luxury living rental apartments being delivered this year and many more to come. These schemes are ‘all inclusive’ living, targeted to the professional market, the developments offer a new way of living, with lots of shared amenities such as yoga lawns, gym and spas, cinema rooms, rooftop gardens and all pet friendly.
The volume of these schemes entering Cardiff’s city centre is going to elevate Cardiff’s luxury rental market and provide a new way of living to the cities working professionals who want everything in one place.
James Douglas is here to help you find the right property – whatever your plans might be. Whether you’re searching for a waterside apartment or converted mill, we’re here to help. Speak to us via email, phone, or in-person for expert advice.