The property market forecast for Cardiff in Q4 anticipates several key trends and gradual growth.

1. Interest Rates: The Bank of England recently lowered its base rate from 5.25% to 5.0%, and further reductions are expected. This change could encourage more people to borrow money and buy homes, which could slightly increase property prices. With lower interest rates, mortgage products are becoming more competitive, making it easier for first-time buyers and investors to enter the market.

2. Residential Property Prices: The average house price in Cardiff as of June 2024 was £270,000, showing a 3.7% increase from the previous year. This upward trend is likely to continue into Q4 2024, with anticipated growth in the range of 2%, driven by favorable economic conditions and potentially lower interest rates.

3. Rental Market: The average monthly private rent, which was £1,035 in July 2024, is expected to remain robust, reflecting ongoing demand for rental properties in Cardiff.

These predictions suggest a generally stable market with gradual growth, supported by improving economic conditions and sustained demand in both residential and commercial sectors.

Sources / Office For National Statistics