Be interested if anyone has got evidence of falling asking prices in Cardiff. Where I'm looking to buy (CF15), houses are sticking, prices aren't falling to any appreciable degree, and lots of agent swapping is going on.

Looking in the same area - renting at present after relocating. I've noticed some price reductions, usually houses over £350k which look overpriced even in this market, and so even with the reduction are remaining unsold. A lot of properties sitting on the market, some for over 6 months and no reduction in price - not sure what the people are thinking, but then you get the odd property that's been on the market a long time and is suddenly sold - personally if a house has been on the market that length of time I'd expect to offer quite a bit less, but I don't think the vendor would see it that way!. It looks like you'll only get reductions if someone has to sell. I think Cardiff itself will see reductions more quickly and it will take a while to filter out to this area.

Been renting in Cardiff for two years with no rent increases. Keeping an eye on the market and intend to buy at some point. I agree that the majority of houses for sale have been on the market a long time, some as long as two years, agents change or they go to rent. Asking prices are reduced by less than 5% so houses are sticking, this must mean that the sale is not "forced" so the vendors hold out for what they are told the house is "worth" I have been in several estate agents in Cardiff, enquired about a few properties, told them I'm a cash buyer and they have let me walk out of the shop without taking any details from me-unbelievable. The housing stock in Cardiff is quite poor with many older properties needing considerable refurb, I dont know whats keeping prices so high for so long.

We've noticed that with estate agents - one example was a house we had booked to view, the owner had to rearrange and then we couldn't make that time and said we'd have to sort out another time - never did and never heard from the estate agent again! House is still on the market (has been for about 6 months) at the same price. We came from South East and if we'd told EA's there we were cash buyers they'd have bitten our hands off! I do think you're right and the mentality will only change when someone has to sell - up to that point if they are told their house is worth £x then they aren't going to shift...

My mate rented until he bought in Feb 2007. The flat he rented sat on the market unoccupied. We had a brief discussion about it (about June time) as I was moving to the area and it had gone back on the market at a 20% increased rent, so I didn't pursue it. When I was actually looking to rent (August) he suggested it and it had just gone off the market.

I've also noticed that rents have crept up since July/August. It looks like if I move from where I am I'd need to spend 10% more. Although if it's just an extension maybe landlords are playing safe with the devils they know and keeping things on an even keel,



I've been in a similar position, but actually sneered at/made to feel worthless. That was the "posh" estate agent in Llandaff. Gits.

I am expecting to buy in 3-4 years. No job, so not sure if I am even staying. I'd like to have some idea of work/location before I get my chequebook out.

Cardiff prices must be way off the mark if this repo'd flat is anything to go by.

51a Station Road,Llandaff North,Cardiff,CF14 2FB

Sold 14-Nov-2005 £112K
Sold 04-Sep-2006 £157K
Repo'd and sold at Auction Sep 07 for £98K

Let's hope that we see more of that. Still not much movement in Asking Prices in CF generally though, it seems. Halifax in particular seem to be bucking the trend by valuing at true comedy asking prices.

e.g. http://www.rightmove.co.uk/viewdetails-165...=1&tr_t=buy

what a laugh!

It looks in good condition, but the lounge is TINY!

Aside from that it's on at £50K more than anything has ever sold for on that road, and that was one that sold in August this year which means they have paid too much.

£290K is double 2003 prices on that road.

Someone's in cloudcuckooland.

It's not unique to Cardiff though.

Was in Cardiff at the week end and looked in window of EA on Caerphilly Rd near Morrisons. About half of the adverts had new prices carefully stuck over the old ones, not immediately noticeable because it was so well done! Could not see original prices but I bet they had come down.

When you consider property asking prices in Cardiff vs salaries and general opportunites, it must be one of the most expensive areas in the UK, surely?

No doubt about it, all things considered it's a crazy place for property and must be one of the first places on which a big fall happens.

Exactly - you'd have thought so, wouldn't you. Semis in North Cardiff approach some N London Prices and in some cases (eg CF15), exceed them. Yet the prices, despite it being the middle of January, show no signs of falling. Everyone is clearly in on some secret I don't get.

Properties in this area that usually sell in 8 weeks or so remain on the market after 4 months. Asking prices have slipped marginally in some cases but less than 5%. If actual sales do not increase in the next 3-4 months expect further price falls. Many sellers will be waiting for the market to pick up in April, if it does not then they are more likley to accept offers or lower asking price.

Back in Cardiff yesterday.
Of the 5 EAs that I reported on at Thornhill last December, one has closed. This was "Dawsons" one of the biggest EAs in South Wales. Would be interesting to see if they have closed any other branches.

Good to hear - but asking prices still aren't shifting. As previous poster said, if they are, it's less than 5%. My new theory is that in Wales, given low incomes, everyone has been even more dependent on MEW to buy german cars. They now need to get 'market value' for their house so they can downsize/ move to cheaper area and pay off the mortgage. One 4 bedder near me has changed agents in the last week. Was on for 'offers over £279950' ( ), is now on for £285000. You can almost see it can't you: "Well, if we put it on for offers over £279950, we'll get at least £280K. Oh no, we didn't sell, so we'll put it on for £285K and accept an offer of £280K." The human ability for self denial and delusion in the face of evidence is eternally staggering.

Not a lot on the market around us - still the odd ludicrously priced house available. One difference, it's the first time since we've been living in this area that I've had phone calls from estate agents giving details of properties and trying to persuade us to view. I explained that I thought the houses he was describing were a tad overpriced, to which he replied that people were now beginning to accept offers - some up to £20k below....still a way to go....

In Swansea too and guilty,IMO of the most flagrant , ubiquitous over-valuation.

I hear that prices for flats in Cardiff Bay are tanking. Cardiff has run out of 'young professionals', ha ha, who wish to live there and the flats are too small for anyone who has children, plus there are no decent shops, parks or schools nearby so families don't want them. Young couples who bought them a feqw years ago are now selling up as they consider having kids.

Anyhow, a friend was telling me over the weekend that prices are tanking down there as buyers have just dried up.

Swansea is currently topping the Property Snake hit parade with the attached:


I'm perplexed with the attitude in Cardiff, as has been said previously on this thread it's an incredibly expensive place, for no obvious reason; lot's of civil servants but I don't know what everyone else does; it would be stretching it to call it beautiful - no offense, I like it, but it's no Paris; the airport (which is 40 minutes away (with light traffic)) has, in the main, only holiday destinations.

And, yet, people are content to ask galactic prices for their homes and seem content to leave them on the market for years, I'm not exaggerating, one on houseladder has been on the market since October 2006.

I've moved to Cardiff (we're renting) because my wife is from here, just in case you think I'm a masochist.

I was talking to my mother in law the other day about house prices and she - an Express reader, but very sharp - said: "You're not thinking of buying now with the crash about to come are you?", I asked where she had heard this and the reply was "It's all over the TV and the papers" so the message is getting across, happy days.

Noticed a few of the new builds (Bryant I think) in Radyr have dropped in price - some by £20k - gives some hope; but then you see 3 bed cottage going on at £350k up the road and wonder at the logic of it all...!

Similar thing over on the other side of cardiff in the vale. Asking prices are pretty stubborn with few sales.
New houses on estates are being marked down but I class that in the same way as the permant closing down sale in Hypervalue.

When we looked in November ( before decideing to rent) the long time trusted EA gave us an indication of what he thought the places we viewed would actually sell for and it was ~90% in all cases. Even the other EA, credited with most of the rise in the area,was telling us that offers would be considered ( although our 90% offer in that case was knocked back.)
Since then the place we offered in is still for sale, must be comming up to a year fairly soon that it has been on the market. Two of the places have had a negligable price drop of around 1% and 1 out of the 8 is under offer ( can't wait to see how much it actually sold for.)

Prices are really high but then I see lots of nice cars, there is a buzz about cardiff, good schools, loads of highly paid jobs Uhh yeah go figure. I've only just moved but there does seem to be quite a bit of working from home at a london job
and hlaf the parents at the nursery are from london so maybe that is the key.

Was in Cardiff today (8/3/08)
At Thornhill Roundabout, another Agent, "Porters" has closed.
This now leaves three out of the original five

Surely this was Darlows not Dawsons....I passed there at the weekend, and as you pointed out in a later post Porters has gone T/U as well.

By way of balance though Taffs Well and Tongwynlais now have EA - Small one man band outfits called Pippen Ford (Tongwynlais) and HEA (Taffs Well) have opened no idea how much business they are doing.

Sorry
I stand corrected, it was Darlows.
Byron

I've seen both those as well - we arranged a viewing with the one in Taffs Well, the vendor rearranged, we then couldn't make that and it never got rearranged - they never got back...they know we are chain free - as is the house in question, but no phone calls and the house is still on the market 6 months later. Don't think they'll be able to be quite so relaxed in the future....

Just give it time, give it time........

Still no real movement as far as I can see in N Cardiff. New builds in Radyr are falling but the developments are hardly in the best position. All the quality property on the market is on at prices around 5% higher than this time last year and hardly anything is selling. Selllers aren't budging on asking prices or offers, presumably (those few sales that have gone through are on land reg at around 5% off asking)

This thread is getting like a stuck record - maybe Cardiff will be more resilient due to lots of high paid NHS and public sector jobs? If there's no movement in about 3 months, no increases in unemployment, and the credit markets start up again, crash may be off IMO.

Passed through whitchurch today...Michael Traynors EA is all boarded up.

Another one bites the dust.