Spring has sprung in Penarth, and we are saying goodbye to dark mornings and evenings. At the time of writing, the clocks will be going forward in a few days’ time and we’ll be moving headlong towards Easter and the summer months ahead.

Market update

We all feel a bit more upbeat at this time of year and the property market is no different. Property remains in the news, as always, and only this week there have been stories from the ONS citing a 4.9% growth in the UK average house price in the 12 months to December 2024 (6% growth in Wales), another from the Skipton Building Society (via the BBC) about Wales being the least affordable part of Britain for first-time buyers, and finally the news that inflation has just fallen to 2.8%. However, it is unclear whether the Bank of England will cut interest rates at its next meeting due to uncertainty over future price movements.

Let’s take one of those stories to start with- average house prices. It’s an interesting picture in Wales, and more specifically in Penarth and the wider Vale of Glamorgan. As the ONS state, average house prices in Wales were up 6% year on year to the end of December 2024. Our figures from Dataloft and The Land Registry are still positive but give a more conservative 1.1% growth for Wales. We are not seeing that in Penarth however, where figures are actually in decline, with the 12 month figure to the end of December at -3.4% (Dataloft/Land Registry). We should take those numbers with a pinch of salt and we are confident that prices are holding their own, and have been for some time.

It’s not all about property value however. The market can also be measured in terms of activity, and our feeling is that we are busier than we were this time last year. We have listed 49 properties so far in 2025, compared with 33 in the first 3 months of 2024. Our valuation numbers are up as well, and we have agreed nearly double the number of sales. This is important, as it shows that demand and activity levels are starting to recover after a quiet 2023 and a much quieter 2024 in Penarth, Sully and Llandough, with transactions in that area being down from 596 in 2022 (they were actually 702 in 2021) to 432 in 2023 and 356 in 2024.

The rental market remains very buoyant, with high demand for all properties despite the continuing changes to regulations and increasing rents. We are managing to secure excellent tenants for our landlords and take great pride in finding the right home for the right tenants.

That’s a lot of information- but the take away is that the market in Penarth remains solid, values stable, and transactions and activity levels are starting to rise.

That brings us nicely to the spring market which continues to be the best time of year to sell. As always, the team at David Baker & Company are here to offer all of the advice, guidance and support you need when looking to buy, sell or rent. Please do give us a call and we can arrange a consultation at a time to suit you. Our latest property listings can be found online at www.davidbaker.co.uk.

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