Are you looking to relocate to Swansea and wondering where the most affordable areas are? Look no further! Swansea, a beautiful coastal city in Wales, UK, has much to offer, including natural beauty, culture, history, excellent education, and friendly people.
Whether you’re a student, young professional, or retiree, Swansea has something for everyone. In this article, we’ll explore some of the most affordable places to live in Swansea, perfect for those looking to buy a home or to sell to cash house buyers who are always interested in property in Swansea.
Property Prices in Swansea
Let’s look at the overall property picture in Swansea and how it compares to the rest of Wales and England.
The average property price in the Swansea area is £216k, which has increased by £14.6k (7%) over the last twelve months. In comparison, the average property price in England & Wales is £358k, so Swansea offers some real bargains. Although the cost of a newly built property is slightly higher, most properties in Swansea were sold in the £100k-£150k price range, followed by the £150k-£200k price range in 2022
Most Affordable Areas
Now, let’s dive in and discover the most affordable areas to live in Swansea.
City Centre
You may be surprised to learn that some of the most affordable properties in Swansea and even the country lie very close to the city centre. Griffith John Street, Swansea, had properties for as little as £37,000 in 2019. With regeneration underway, now is the time to invest, and cash house buyers are also looking to buy property here. Swansea’s city centre was significantly damaged during World War II but today features a combination of post-war semis and Victorian terraced houses. The Maritime Quarter, located a short distance from the city centre’s shopping district, offers contemporary apartments within a marina environment.
Mayhill
Mayhill is steeply overlooking the city centre, docklands, and Swansea Bay to the south. The district boasts several park and nature reserve areas, including Bryn y Don and a Site of Special Scientific Interest on the border of Townhill. There are plenty of affordable property options in Mayhill. For example, the property can go for as little as £40,000 in Long Ridge and Mayhill! There are few areas in the UK where you can get so much for so little.
Townhill
Townhill is a residential district with a population of just under 9,000 people. The Garden City layout of Townhill was designed by Ernest Morgan, a Swansea city architect, in the early 1920s. Today, Townhill consists of a council estate and some private housing spread over a steep hill, providing many affordable investment opportunities for cash house buyers. The area overlooks Swansea city centre, Swansea Docks, Swansea Bay and Cockett, Gendros, and Cwmbwrla to the north, making it a desirable location close to many amenities and attractions without the associated price tag. The Rosehill Quarry Community Park surrounds the area, which includes a waterfall and several ponds with recreational facilities such as picnic tables, play equipment, and a BMX bike track. Local amenities include a public library, primary school, and playing fields. Although Swansea Metropolitan University’s campus in Townhill closed in 2018, it is still a popular area for students due to its affordable rent rates.
Blaenymaes
According to data from Rightmove, some properties in Blaenymaes have been sold for as little as £45,000 in the past few years, making it one of Swansea’s most affordable areas. Even semi-detached houses have been sold for under £65,000, so if you want to invest, this might be a perfect location. Like many urban areas, Blaenymaes also faces some challenges. Still, these do not differ too much from other areas of the city or, indeed, the rest of Wales.
Why Invest in Swansea Property Now?
If you’re considering investing in property, Swansea is a promising location to keep in mind. Here are a few more reasons why many people are selling up to cash house buyers and relocating to Swansea:
Good Average Yields
Swansea buy-to-let property investors can expect an average monthly rental income of £811.18, providing a 5.11% yield. These high yields are 1.48% more than the UK average and a 0.69% increase on Wales’s average, although, as you might expect, Cardiff offers slightly higher yields of 5.35%. In 2019, four Swansea postcodes were among the top 10 for the best rental yields in Wales, with SA1 in fourth place, providing rental yields of 5.78%. Additionally, Wales house prices grew by 13.9% in the year leading up to January 2022 – an increase from the 12.4% recorded in December 2021.
Opportunity for Student Property Investment in Swansea
Swansea has a student population of over 24,000 and is growing. With a predicted increase in student numbers by 2025, student rental demand in Swansea will likely rise. Investing in student property in Swansea could be an excellent opportunity to expand your property portfolio and receive great yields.
Major Regeneration
Swansea has undergone significant development, including the £1.3Bn Swansea Bay City Deal – which includes a 3,500-capacity area at Copr Bay, hundreds of new houses, and public spaces. The SA1 Waterfront Regeneration Scheme, which includes the Discovery Leisure Quarter, new offices and housing, and a student accommodation complex, is also underway. The Maritime Quarter and Swansea Marina are scenic cultural, living, and commerce hubs. In addition, the Green Revolution initiative aims to increase green infrastructure to 26% by 2030 and increase tree canopy cover to 20-25% by 2044. By investing in the more affordable areas now, they should rise once the regeneration is complete.
Thriving Service Sector
Swansea is now a service sector hub with plentiful roles in tech, communication, and financial services. The DVLA employs over 6,000 people in the city. Swansea Enterprise Park was the UK’s first enterprise zone with various businesses and shops. Swansea Market was crowned ‘Britain’s Best Large Indoor Market 2020.’
Investing in property in Swansea could offer an excellent opportunity for above-average yields and high capital growth potential. With the city undergoing significant regeneration and a thriving service sector, one of the affordable areas we outlined as a location for property investment is worth considering.
