House prices in Cardiff increase as much as London

27 January 2017

House prices in Cardiff have gone up by more than 7% since last year according to The Hometrack U.K. Cities House Price Index.

According to a local estate agent, “the price increase means that graduates and first-time buyers are finding it difficult to get on the property ladder”.

Elliot Wiltshire, of The Living Room estate agency, also said, “people want to invest their money that they’ve worked hard for into an area they know will give them good returns”.

“Cardiff as a city is a growing economy, so the rise in house prices is to be expected especially in Cathays and Roath”.

This increase comes after the U.K. leaving the European Union last year June.

The average house price in the area is now just shy of £200,000 which is a 7.2% increase over the last 12 months.

This figure makes the average house price similar to those in London.

Mr Wiltshire said “this will prove to be a significant issue for first time buyers and families from low-income backgrounds”.

One first time-buyer Alex Roan, 24, that recently bought a house on Whitchurch road, Heath said “it’s quite difficult to buy a house in Cardiff because of the house prices so young people are moving to cheaper areas in the valleys like Taff Wells, St Mellons and Rumney. Me and my girlfriend really wanted to live somewhere in the city centre, so had to borrow money from our parents to buy our house on Whitchurch road”.

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