Housing market it crazy in Cardiff

[SwissJonese]

Wow the housing market is getting a little bit crazy this year. We have been looking for around 6 months and are ready to go (currently in rental). Either properties are complete do'er uppers or really nice houses that are getting asking price or above and all going within days - argggg. The prices are rising and people are expecting silly money for some properties but are not willing to budge on price.

Also notice quite a lot are coming back on the market after being sold?

[wellzee]

It does seem like the market at £100k-£350k (excluding some flats e.g. Cardiff Bay) is moving very quickly at the moment. However, houses at 400k plus are often sitting around for much longer than they would've pre-recession. I live in Rhiwbina and it seems like a lot of the more moderately priced homes in the area are listed as sold before they've even really been advertised. That said, even doer-uppers are much harder to come by and even if you can find one, the owner will have watched way too many episodes of Homes under the hammer and decide to put it on the market at a price that would leave no profit for a developer. The 'Sold' properties coming back onto the market often have a lot to do with people in a similar position to yourself - they've been waiting for ages to pull the trigger on a house, something finally comes up which they get in to see first, they put an offer in to make sure it's theres, then when they get into the legal work they start to have second thoughts and feel they could do better.

Make sure you're on the contact lists of all the agents in the areas you're interested in. And beyond trawling through Rightmove and Zoopla every hour there's not a lot more you can do! Best of luck!

[bazza white]

Indeed I saved my tits off for a 30k deposit which I was pretty pleased with considering its all savings, would have been a 25% deposit as I was looking at 120k ish houses only going to keep it for 2 years. Mortgage guarantee comes in and suddenly houses that were 125k ish are now 150 - 160k. Feels like the extra hard work saving Ive done has just been wasted as it will only cover the rise.

Even more gutted as I looked at a repo for 80k in October. I didnt know the area but I was to slow as I was finding out about the area. Turned out area ok etc.

[SwissJonese]

wellzee said:

I live in Rhiwbina and it seems like a lot of the more moderately priced homes in the area are listed as sold before they've even really been advertised.

Rhiwbina is a lovely area (great barbers there), but the market is even more mental. Check this 2 bed for 249k like WTF!
http://www.rightmove.co.uk/property-for-sale/prope...

So far we have lost 2 properties, one was a bidding war in Radyr and the second the owner wouldn't sell unless asking price was paid even though it was about 30k above price and needed new kitchen and bathrooms. There was a 3 bedroom place in Lakeside (Roath) up for 295k that has so much interest that it went to sealed bids, even though it needed full renovation.

Hopefully we will get lucky, never thought it would be this hard being in rental so ready to go.

[MG CHRIS]

Do you need to be in Cardiff some good area a few miles out with cheaper houses but still good links into the city.

I live in Blackwood got 2 rail lines within 2 miles of me and the a470 is a 10 mile drive. Can easy get a 3 bed house for under 120k.

[wellzee]

SwissJonese said:

Rhiwbina is a lovely area (great barbers there), but the market is even more mental. Check this 2 bed for 249k like WTF!
http://www.rightmove.co.uk/property-for-sale/prope...

So far we have lost 2 properties, one was a bidding war in Radyr and the second the owner wouldn't sell unless asking price was paid even though it was about 30k above price and needed new kitchen and bathrooms. There was a 3 bedroom place in Lakeside (Roath) up for 295k that has so much interest that it went to sealed bids, even though it needed full renovation.

Hopefully we will get lucky, never thought it would be this hard being in rental so ready to go.

Yeah tbh I've been considering selling my house recently just because of how crazy it is here at the moment. The issue there is, I only really fancy a move to Pontcanna or Roath Park and both of those areas are equally crazy! Its no coincidence that there are a record number of people doing extensions rather than moving home these days. I'm amazed a house in Roath went to sealed bids, I've not heard that happen for years! Just in case you aren't already, keep an eye on Zoopla, a number of agents are now advertising on there instead of Rightmove due to the extortionate fees Rightmove charge. Good luck!

[PAULJ5555]

My 3 bed 1990 modern build house in a very desirable area of north cardiff has not moved in value in the last 5 years, nore has anyone elses near by.

I also had it valued last month when I re did my mortgage.

Edited by PAULJ5555 on Thursday 24th April 13:19

Edited by PAULJ5555 on Thursday 24th April 13:28

[PAULJ5555]

Rhiwbina is a lovely area (great barbers there), but the market is even more mental. Check this 2 bed for 249k like WTF!
http://www.rightmove.co.uk/property-for-sale/prope...

So far we have lost 2 properties, one was a bidding war in Radyr and the second the owner wouldn't sell unless asking price was paid even though it was about 30k above price and needed new kitchen and bathrooms. There was a 3 bedroom place in Lakeside (Roath) up for 295k that has so much interest that it went to sealed bids, even though it needed full renovation.

quote]




Not sure what your looking at but there are loads of 3 bed houses for sale at £180,000 in north cardiff.

Edited by PAULJ5555 on Thursday 24th April 13:25

Edited by PAULJ5555 on Thursday 24th April 16:48

[wellzee]

PAULJ5555 said:

My 3 bed 1990 modern build house in a very desirable area of north cardiff has not moved in value in the last 5 years, nore has anyone elses near by.

I also had it valued last month when I re did my mortgage.

Edited by PAULJ5555 on Thursday 24th April 13:19

Edited by PAULJ5555 on Thursday 24th April 13:28

As I know nothing about your house or location I can't comment, but mine has increased in value (albeit only slightly) and the 2 Rhiwbina based agents I met with yesterday both agreed that things are almost back to pre-recession conditions. However, that doesn't necessarily mean houses have rocketed in value, I think the media have completely overhyped that, but we are starting to see increases in particularly desirable or 'on the up' areas. The main difference in recent years however is not that house prices have gone crazy but that the market is now much more saturated with potential buyers. So even if your value hasn't moved much, the chances of you achieving near asking price were you to sell will have greatly increased in recent years.

[DHE]

wellzee said:

As I know nothing about your house or location I can't comment, but mine has increased in value (albeit only slightly) and the 2 Rhiwbina based agents I met with yesterday both agreed that things are almost back to pre-recession conditions. However, that doesn't necessarily mean houses have rocketed in value, I think the media have completely overhyped that, but we are starting to see increases in particularly desirable or 'on the up' areas. The main difference in recent years however is not that house prices have gone crazy but that the market is now much more saturated with potential buyers. So even if your value hasn't moved much, the chances of you achieving near asking price were you to sell will have greatly increased in recent years.

The media are very lazy are are driven to hyping the housing market based on what happens in London. Very few have reported the actual drops that have taken place, 12 of the 22 local authorities have seen a drop in the last year. The average house price in Swansea dropped 6.6% in the last year, according to the land registry. Repossession's in Wales rose 14% in the last year, to January.

[anonymous-user]

I don't know about Cardiff but outside must be some of the best prices in the UK, I bought a house in the Cynon valley last year because I needed a UK address, 3 bed end of Ter with garden and garage, I had all fixed up and about to go on the market at well under 100k, 5 minute walk to the station, I can't think of anywhere else in the Southern UK that would be anywhere near that price. OK some of the valleys can be depressing but if you want to get on the ladder they offer great potential,

[Try5t]

SwissJonese said:

Wow the housing market is getting a little bit crazy this year. We have been looking for around 6 months and are ready to go (currently in rental). Either properties are complete do'er uppers or really nice houses that are getting asking price or above and all going within days - argggg. The prices are rising and people are expecting silly money for some properties but are not willing to budge on price.

Also notice quite a lot are coming back on the market after being sold?

Have to agree our property department is really busy at the moment and it's mostly houses between 100k and 200k , even the mid to top is now showing real signs of moving.

But certain parts of Cardiff are stagnant and I would have a look at the fastest growing areas outside of the capital as there are still properties worth looking at. There was a report in the western mail a few weeks back highlighting other areas on the outskirts like wenvoe etc you may be able to get a copy on line. I looked outside Cardiff and bought a repo a few years back, never looked back and would certainly investigate surrounding areas as someone else has pointed out.