Despite house sales being buoyant in recent years, recent trends show that house sales in the Cardiff area are beginning to fall. So the question is, will the right price guarantee your sale?
Ultimately, if your property is valued at the right price prior to it entering the property market, it’s likely that your property will not only be more likely to sell as it has been valued realistically but will also sell more quickly,
In this help guide, we’ll aim to answer this question by discussing some key points regarding this topic, including the supply and demand for property in Cardiff, the percentage of house sales that fall through and why, whether it’s thought that there’s a housing crisis in Cardiff, and also the impact on house prices in this area.
Supply And Demand For Cardiff Property
As with any large area, supply and demand can shift depending on a range of factors such as property prices, cost of living, and number of properties available.
While demand for properties has fallen in the last 12 – 18 months which is largely due to rising mortgage rates following the economic crisis at the end of 2022. However, it is believed that demand exceeds supply, with affordable housing delivery falling and landlords choosing to cash in on their properties following increases in valuation.
Properties On The Market In Cardiff
It’s also worth looking at whether the number of properties on the market in Cardiff has changed when comparing data from different time periods to determine whether there is still a high supply for houses in this area.
As of 17th April 2023, there were 2,494 properties listed for sale in Cardiff. This is significantly less than the current figures which show there are 3,045 properties listed for sale in Cardiff (as of 20th November 2023).
While this could be partly seasonal with more properties selling in the spring than in autumn/winter, it could also indicate that there is a drop in demand for Cardiff properties as there are significantly more homes listed for sale on the market.
What Percentage Of House Sales Fall Through & Why
Due to the rise of mortgage costs and instability within the market, as many as 31% of house sales fall through before they reach completion.
Uncertainties in the economy and changing mortgage conditions are among the key reasons why house sales fall through in the Cardiff area and across the UK.
It is believed that property sales in the UK will be at their lowest for a decade over the course of 2023, with increasing interest rates and weakening demand for properties.
Is There A Housing Crisis In Cardiff?
While the number of house sales in Cardiff seems to be decreasing, the outlook for the housing market in Cardiff is more positive when looking to 2024 and beyond.
Inflation is beginning to fall which is causing mortgage rates to plateau/decrease, and property prices in Wales are generally more affordable than other areas of the UK which has helped to bring some demand back into the market.
Let’s take a look at house prices in Cardiff to determine whether prices are decreasing as this can also have an impact on the number of property sales in an area, and whether a housing crisis is likely to occur.
Are House Prices Dropping In Cardiff?
The cost of housing in Cardiff is a subject of much debate, with house prices fluctuating throughout the course of 2022/2023.
Since the 2008 recession, house prices have been on the rise and continued to increase over the course of the COVID-19 pandemic. To be more specific, over the last 12 months house prices in Cardiff have increased by approximately 5.6%.
However, it has been forecasted by Rightmove that asking prices for properties in Cardiff may drop by around 2% over the coming months, due to a knock-on effect of rising mortgage rates and people choosing to stay in their properties rather than selling up.
These factors are likely to lead to a drop in house prices, however slight. Other aspects that may impact property prices include regional developments, economic factors, and cost of living pressures.
How To Sell Your House In Cardiff With We Buy Any Home
If you’re a homeowner looking to sell your property quickly and for the best price, We Buy Any Home can help.
We Buy Any Home is the biggest property cash-buying company in the UK, and have purchased many homes in Cardiff to help sellers achieve a quicker sale.
By selling your home with us, you won’t need to worry about your sale falling through as we’d be buying your house for cash. You also wouldn’t need to worry about ensuring the valuation was correct before placing it on the property market, as you’d be selling your property directly to us.
Once you’ve received your free cash offer via our website, you’ll be appointed with a solicitor at our expense, and we’ll even cover to cost of a surveyor to confirm the valuation of your property. If at this stage you agree to go ahead with our final offer, you could receive your property funds in just 7 days!
Get a free cash offer for your property today and start the ball rolling on your Cardiff property sale.
