Just so you don’t have to go around the houses and up the garden path, we’ve compiled a brief bulletin to keep you updated on the latest market trends, whether you’re considering buying, selling, letting or renting.

Property Market Activity

Encouraging signs of economic growth have bolstered consumer confidence, resulting in increased activity in the property market in 2024 compared to 2023. Buyer demand has surged by 20%, likely influenced by changes in the base interest rate and lower mortgage rates.

The average house price in Cardiff was £275,000 in August 2024, up 4.6% from August 2023. This was higher than the rise in Wales (3.5%) over the same period. The average price for flats in Cardiff rose by 6.6%, while the average price for terraced properties increased by 3.5%.

The average price paid by first-time buyers was £242,000 in August 2024. This was 5.0% higher than the average of £230,000 in August 2023.

While market conditions are improving, setting the right price is important to attract buyers. The same applies to the fifth of homes for sale that have been on the market for more than 6 months, still unsold.

This explains why a similar proportion have had their asking price cut by 5% or more to attract buyers. These trends show buyers remain price sensitive as choice improves and sellers need to price sensibly to agree a sale.

“Accurate pricing is essential moving forward to avoid price reductions and properties becoming stagnant,” said James Hayes, Sales Manager at our Radyr Branch.

“With the Budget behind us and a potential drop in interest rates, we remain optimistic and expect the market to stabilise through the Christmas period and into the Spring.”

Transaction Process Update

As market activity rises, the UK property transaction process remains slow. On average, it now takes approximately 122 days from an accepted offer to legal completion, meaning the entire process could span up to seven months.

Sellers are advised to provide accurate information early and utilise technology to streamline the process.

Rental Market

The average monthly private rent in Cardiff was £1,052 in September 2024. This was an increase from £956 in September 2023, a 10.1% rise. UK rents are now rising at half the rates seen in 2023. Rental inflation is currently at 5.4%, compared with 10.2% this time last year, taking it to its lowest level in 3 years.

“While rental prices have seen a notable increase in Cardiff over the past year, it’s a positive reflection of the strong demand and vibrant rental market in the city,” said Jonathan Bishop, Assistant Lettings Manager.

“The slowdown in rental inflation is a promising sign of stability, and despite the challenges of rising costs, competition for rental homes is still high – indicating a healthy, active market.

“This is great news for landlords, as there continues to be a steady stream of potential contract holders, and the outlook for 2025 remains optimistic.

“With limited housing supply and the unaffordability of homeownership, rental properties are likely to remain a sought-after option for many, providing an ongoing opportunity for investors in the Cardiff area.”

MGY Success and Growth

With a stellar 4.7 and 4.9 rating from 858 Google and All Agents reviews combined, MGY continues to be a trusted name in the Welsh property market.

We’ve registered approximately 10,000 prospective buyers and renters combined in the first 10 months of the year and hold the largest market share across the CF postcode for residential sales, achieving an average of 98.4% of asking price.

Additionally, we are pleased to see our ever-growing rental team dominate a large share of the market, highlighting our hard work and service to our clients.

Our team is growing too! We welcome Amelia (Sales Negotiator – Heath), Lauren (Sales Negotiator – Radyr), Spencer (Graduate Surveyor), Catherine (Marketing Coordinator), and Harry, who has returned to Radyr Lettings after time playing rugby in Sydney.

We’re also excited to welcome the Penarth office team, formerly Seabreeze Homes, as we expand into this new quarter together.

This strategic move enhances MGY’s existing market position, footprint and service capabilities as an independent estate agent and chartered surveyors across Cardiff, Rhondda Cynon Taf, Penarth, and the Vale of Glamorgan.

Let our experts at MGY Estate Agents & Chartered Surveyors help you find your perfect property or assist with selling, renting, or letting in Wales. Contact us today! Visit https://bit.ly/m/MGYCardiff for more information or give us a call on 029 2084 2124. 

** Source: Rightmove/HM Land Registry/Twenty EA/MGY internal data/RICS

---

If you want to read more pieces from Sportin Wales, why not read to our monthly magazine here or subscribe to the magazine and newsletter at https://sportin.wales/subscribe/.

Our podcast is back for the new season and our co-founder Alex Cuthbert is in charge! You can find all the episodes here or the video versions on our YouTube channel.

You can also keep track of our pieces and videos on our socials at @Sportin_Wales on X or Sportin Wales on Instagram and Facebook.