Western Courtyard, Cardiff
The Residential market, like the majority of industries in the UK came to a sudden and grinding halt at the start of the first Covid-19 lock down. However once the Residential Market was unlocked in June, it has surged to new highs with intense activity across all price bands. The drive has been brought about by prospective buyers reassessing their needs, wants and aspirations which has led to this boom. The pandemic has helped focus people who may have been holding back on their plans for a variety of reasons, the likes of Brexit to name just one. Remote working, now a part of working life due to Covid, is enabling people to seek a better work life balance which can accommodate office and garden space within their Residential dream.
The South Wales house builders are reporting unusually strong demand for new housing during the lockdown. Whilst a number of residential developers have significant strategic land holdings that they are working through planning in and around South Wales there is still a strong appetite for consented, serviced sites.
Due to this intense activity house prices have grown dramatically and continue to beat previous month expectations, Halifax reported house prices were 7.3% higher than a year ago.
Against this backdrop, Cardiff remains a property hotspot within South Wales, with an average house price of £264,474. This is well above the Welsh average of £187,361 (Source: Zoopla, October 2020).
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