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The abolishment of the Severn Bridge tolls at the end of 2018 was a significant moment for home-owners, commuters, businesses and holidaymakers alike.For the first time in 50 years, travel between England and Wales is free of charge, bringing the two countries much closer together.
This is good news for the already flourishing residential property market in Wales, which has been enjoying steady growth.In fact, 2018 was Savills Cardiff New Homes team’s busiest year on record, with reservations on new developments up by some 70 per cent and nearly a quarter more exchanges.
The majority of new build buyers are from within Wales, but the removal of the tolls may well change that. We are already starting to see more demand from across the bridge, as buyers take advantage of the relative affordability of areas such as Newport, Torfaen and Caerphilly.With Wales predicted to be one of the highest performing parts of the UK for price growth over the next five years, we can expect an uptake in interest from further down the M4 corridor and beyond.
Full/source article This interview with RLA Vice-Chair Douglas Haig from the Future Renting Conference in Cardiff shares some good insights into the Welsh PRS:
SEE ALSO - Anatomy of a property hotspot - 12 indicatorsUP NEXT - Holiday let - every portfolio should have oneDON'T MISS - Top 10 tenant demand indicators & influencersNOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Great post and really interesting.
Apart from three Places stated, ie Newport, are they any particular areas/ postcodes that are worth a look and of course also ones to steer clear of?
Unfortunately, as I do not invest in Wales myself, I am unable to advise.
Of course there is Cardiff, there are many opportunities there.
I've looked at Newport, Caerphilly and Pontypridd and can see opportunities. I'm less confident in their nearby villages, although property prices do drop. Merthyr Tydfil, to the North of these is also worth investigating.
Don't forget to put he tenancy agreement in Welsh as well.
Occupation Contracts when they get around to it!
I have been looking at buying in South Wales (partly because of the removal of the bridge tolls), and suspect the majority of the price increases happened last year. Now may be too late to find any bargains.
Some thoughts : the English solicitors I know have said they prefer not to handle Welsh sales so be prepared to need a Welsh solicitor. I suspect the boom was 12 months ago - values now are high compared to last year. Estate agents are giving me conflicting views - some think the market has peaked - others think the prices will continue to rise. There are very few sales or new properties in the areas I'm interested in (uncertainty due to Brexit?), South Wales is not an affluent area which is clear when visiting some town centres (Newport etc). Local knowledge helps a lot - I found some nice areas but then discovered problems due to nearby estates etc. Presentable properties are selling well if sensibly priced but some needing work are not selling at all.
I agree with your thoughts, and they do need to be considered before investing in South Wales. I viewed a couple of properties last week and have another this week. I'm not only looking for somewhere to invest, but also somewhere to live. South Wales offers everything I need and want but others will have different requirements.