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Last Updated: Friday, 10 October, 2003, 13:11 GMT 14:11 UK
Towns join house hotspots
By Catryn Jenkins
BBC Wales News Online

Young couple at estate agents
People are looking to get the most for their money

Barry, Bridgend, Swansea and Cwmbran are not areas previously thought of as property hotspots.

But as buyers struggle to get on the property ladder in places like Cardiff, it seems the boom is having a ripple effect across the south Wales region.

Barry, for instance. Ten miles to the south west of the capital has had the highest price hike of homes in Wales with the average house valued at more than �132,000 compared to �83,000 the previous year.

It has been listed as the second top property spot in the UK with Swansea, Bridgend and Cwmbran also making the top 10.

But are the areas actually that much more desirable places to live or are buyers being forced to find cheaper alternatives to the rocketing house prices in places like Cardiff and Newport?

Barry estate agent Richard Garrod from Allen and Harris said: "First time buyers who want to buy in places like Cardiff can't because the prices have just shot up over the last year.

It was either buy a one bedroom flat in Cardiff or get something a bigger for the same price elsewhere
Richard Garrod, Allen and Harris

"They are having to look at areas like Barry to be able to afford a house.

"I know the problem because I have just bought a house and although I wanted to buy somewhere in Cardiff it was too expensive and I had to buy further out.

"It was either buy a one bedroom flat in Cardiff or get something a bigger for the same price elsewhere.

"And here in Barry now, most of the properties on our books now exceed the �120,000 mark because more people are being forced to look outside Cardiff."

Craig Merlini, manager of Darlows in Barry, said the state of the property market elsewhere was making people more willing to commute.

"It is because of the big increase in property prices in Cardiff that people are now looking at areas like Barry to buy," he said.

Martyn Russell
Property expert Martyn Russell said there has been a ripple effect

The story in Cwmbran is much the same - just five miles from Newport and a 25-minute journey to Cardiff there's been a price boom.

And it is all about demand, according to Jackie Cole, estate agent with the Cwmbran branch of estate agent Peter Alan.

"People are realising how close Cwmbran is to Newport and Cardiff and are willing to buy because it is too expensive in the cities.

"Over the last two years we have seen a big rise in prices - a house that would have sold for �45,000 before is now selling at �70,000," she added.

Property expert Martyn Russell put the situation down to 'the ripple effect'.

"These areas are playing catch-up, prices in Cardiff have shot up, then Newport followed and now Barry, Cwmbran and Swansea are following.

"It is all about the affordability factor - people want as much for their money as possible and are looking at other areas to get it.

"Now that the prices have gone up so much in these areas, I am sure places nearby to them will soon start seeing prices increasing too," he added.

TOP UK HOTSPOTS
UK Average House Prices
Town County Q3 2002 Average price Q3 2003 Average price % change
Widnes Cheshire �92,576 �155.351 68%
Barry South Glamorgan �83,380 �132,677 59%
St Helens Merseyside �72,875 �112,843 55%
Swansea West Glamorgan �74,049 �113,028 53%
Billingham Cleveland �80,841 �120,095 49%
Bridgend Mid Glamorgan �80,402 �119,069 48%
Rochdale Lancashire �66,800 �97,957 47%
Shipley West Yorkshire �91,538 �133,196 46%
Cwmbran Gwent �77,132 �112,218 45%
Kilmarnock Strathclyde �56,509 �82,202 45%
Source: Halifax House Price Index




SEE ALSO:
Widnes 'top property hotspot'
10 Oct 03  |  Business


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