Spring Brings Positive Signs to Penarth’s Property Market

It feels like we have been waiting forever for some better spring weather, but there have been glimpses of that recently, the clocks are about to go forward, and we look forward to longer days and lighter evenings ahead. As usual, as the weather improves after the winter period, so does the property market. In reality,, things picked up quickly this year and we experienced a flurry of activity straight after Christmas in the early part of January. After a quieter few weeks in February, things are moving again now, and although the market remains hard to predict, there are certainly some causes for optimism.

Market Update

Figures from a number of sources, including our partners Dataloft, suggest that property values (price per sq ft) increased in Penarth, Sully and Llandough by 3.7% over the last twelve months. This is against a Wales-wide figure of -2%, with England and Wales combined even further behind at -2.6%. While we would take these figures with a pinch of salt, it is clear that Penarth remains a robust market and we certainly see values being flat at worst. The most recent inflation figure (3.4% – announced this week) gives some cause for optimism, and although the Bank of England have once again held interest rates at 5.25%, lenders are beginning to jostle for position in a busy, competitive environment. We expect these market conditions to continue to improve throughout the year, albeit to a modest degree.

Local Causes

As always, we love playing our part in the community, and Christmas saw the culmination of our charitable efforts for 2023. Those of you who have been paying attention on social media would have seen that the team had each chosen a charity for the year, and we had pledged to donate money per completed sale to each cause. In total, we donated a sum of £6,000 to those six charities, which included Marie Curie, Nacoa, LATCH, The Rescue Hotel, Cerebral Palsy Cymru and Age Connects Cardiff & the Vale. Keep your eyes peeled for our 2024 plans in the coming weeks and months. Our Easter Egg collection for the local Trussell Trust is about to come to an end and has been very popular again this year, but there will be plenty of other initiatives to get involved in along the way.

Here to Help

Whether you are looking to buy, sell or rent, or if you have any specific requirements and want to discuss the local property market, 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, on our relaunched website at www.davidbaker.co.uk.

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