Cardiff is bucking the trend.
There are a lot of ‘strange’ movements going on in UK residential property right now and submarket trends are very much back on the agenda.
Take Aberdeen for example, where asking prices (per sqft) have fallen sharply in the past year, but sold prices have yet to experience the same decline.
Contrast that with Central Manchester, where asking prices have been below sales prices and declining for almost a year, but are now starting apparently to reverse and move upwards, albeit at the same pace.
One area which may well be overlooked, which has continued to see both steadily increasing rents and prices, along with more ‘normal’ market characteristics of discounts between asking and achieved prices/rents, is Cardiff. From looking at the new development pipeline, it seems that some savvy developers and investors have managed to get onto this bull market, with a large increase in new development applications in the past year. For other investors and developers still struggling with opportunities elsewhere, it may well be worth a look.
