Welsh Housing Market Set To Beat The UK – But What Should New Buyers Look For?
As we delve into the Welsh housing market of 2024, it’s evident that it’s poised for a unique journey compared to the rest of the UK.
Savills’ research predicts a strong performance for Wales over the next five years. This optimism contrasts with the challenges faced in 2023, where mortgage rate hikes led to an average price decline of 1.9 per cent, slightly higher than the UK average.
Regional Variations: South Wales vs. North Wales
The Welsh housing market isn’t uniform across the country. In 2023, affluent areas in South Wales like the Vale of Glamorgan, Monmouth, and Cardiff witnessed significant value growth.
In contrast, North Wales saw a more subdued performance, with Flintshire being an exception. This disparity shows the importance of understanding local market trends when considering a property in Wales.
Key Factors in Choosing a New Home
When looking for a new home in Wales, consider several factors beyond just the price and location. Here are our top recommendations of things to consider:
Location and Neighborhood
The old adage “location, location, location” holds true in real estate for good reason. The location of your new home in Wales will greatly influence your daily life. Consider the safety of the neighborhood, its proximity to essential amenities such as schools, hospitals, and shopping centers, and the overall community atmosphere.
Is it a quiet rural setting or a bustling urban area? The character of the neighborhood should align with your lifestyle and future plans. Additionally, consider the area’s potential for growth and development, which can affect future property values.
Structural Integrity and Layout
The house’s structural soundness is paramount. Key aspects like the condition of the foundation, roofing, and walls are crucial. Look out for signs of dampness, cracks, or any other structural issues.
The layout of the house is equally important. Does it meet your current and foreseeable needs? Consider the number of bedrooms, bathrooms, and the flow between different areas of the house. Open-plan layouts are popular, but some may prefer distinct, separate rooms. Think about how the space will be used day-to-day.
Future Potential
Your new home should not only meet your current needs but also have the potential to adapt to your future requirements.
Can the property accommodate extensions or renovations? Are there restrictions due to planning permissions or conservation area status? The ability to modify and expand your home can significantly increase its utility and value over time.
Transport and Connectivity
Accessibility is a significant factor, especially if you commute to work or frequently travel. Check the availability and frequency of public transport services, the distance to the nearest train station or bus stop, and the ease of access to major roads.
If you have children, consider the proximity to schools and other educational facilities. Good transport links can also positively influence the resale value of a home.
Energy Efficiency and Sustainability
With rising energy costs and a growing emphasis on sustainability, the energy efficiency of a home is more important than ever.
An Energy Performance Certificate (EPC) can provide valuable insights into a property’s energy use and typical energy costs. Look for features like double glazing, effective insulation, and efficient heating systems. Remember, upgrading to more energy-efficient systems, like a modern boiler, or simply replacing it with newer boiler parts can lead to substantial savings in the long run and also contribute to a smaller carbon footprint.
In conclusion, when choosing a new home in Wales, it’s essential to look beyond the surface aesthetics and consider these critical factors..
The right location, structural integrity, potential for future modifications, transport links, and energy efficiency will not only ensure a comfortable and convenient living environment but will also safeguard your investment for years to come.