How much is your neighbour’s house worth? One of the craziest things you’ll find when looking to buy or sell a house in South Wales is the fluctuations in house prices from one road to another.
Tell me again why the neighbour’s house is worth more than my house?
Simply put, in South Wales house prices vary enormously due to where they are located.
It can seem impossible to understand, but in many instances, house prices in South Wales are dictated mainly by differing neighbourhoods and less about the size or quality of the house itself….
To save you thinking that we’re having you on, here at Mark King Properties we’ve decided to navigate through some real-life property price-differences, giving you, our valued reader, some everyday working examples.
We hope to cover some of the crazy variations we have seen when it comes to house prices across South Wales.
Identifying the gap
We’ve already identified that factors such as size and style do still affect the way a house is priced, but what really makes the difference in house prices throughout South Wales is where the property can be found.
The average house price in South Wales is different in the Valleys for a two-up, two-down compared to a similar property in a Cardiff suburb, or within the picturesque Monmouthshire countryside, but it isn’t just places that are separated by miles between them.
There are also huge variations in the average house price in South Wales based on properties that are just minutes apart, or in some instances, only a mere few roads away from each other.
Postcode CF23 – Real Life Example in 2018.
“Here at Mark King Properties we recently came across a house on Hollybush Road that recently sold for 1.2 million. Further down the same road, houses sell for 160k, divided only by a crossroads. This is due to many factors including the lower end being close in proximity to some council housing, the upper end being within catchment for the best primary and secondary schools in Cardiff. The houses also vary in size along the road. Bigger, detached properties at one end and terraced houses at the other. Even some small flats on the top end of the road go for more than the houses at the bottom, that have an equal number of bedrooms. This is again due to the factors mentioned above.”
-Hina, Mark King Properties.
Keeping an eye on the property market
There is also a sizeable difference in property prices during the last quarter of 2016 for those living in Peterston-super-Ely versus Ely. For the former, the average house price was £468,943 while the council ward of Ely came in with a more moderate average of £125,863. This equates to a whopping difference of more than £300,000 – enough to invest in a further two houses if you were looking to buy in Ely.
Some of this comes down to the history and reputation of an area. Ely was once known as one of the largest council estates in Europe, while Peterston-super-Ely is sat on the river in the Vale of Glamorgan with numerous areas of interest and the tranquil National Trust landscape of Lanlay. This beauty spot makes it an idyllic and desirable place to purchase a property, although the prices very much reflect this.
Getting the price right
If you were looking to sell in Llangynidr, you would find that your property price is roughly three-and-a-half times more than that of Dowlais, where the average house price is £80,914.
A similar property to a three-bed end-terrace home in Dowlais would cost you around £229,950 if you were to shop around further down the road.
In July 2017, it was revealed by the UK House Price Index that the average house price in Wales is £150,846 but it is clear the average price varies depending on the area that you’re looking in.
The difference of what you can get in neighbouring areas can come as a surprise and getting the price right from the start can make a big difference to your house sale.
Getting the most for your money
It is important to mark your property at the right valuation but to also recognise the impact that the area can have. Being aware of the price variations around your area can help save some serious cash when selling, and, can also impact what you are able to buy.
Speak To Mark King Properties
Here at Mark King Properties we deal with fast property purchases and are always happy to discuss what we know about the areas that we cover.
Mark King can carry out a survey on your house free of charge, and make a cash offer based on decades of experience in buying and selling in South Wales.
Our customers have found this is the most effective way of securing the best deal when looking to sell your house quickly and without a chain. We would be happy to speak with you to discuss the cash valuation of your house.