Cardiff has experienced a rise in the number of houses sold for over £1m.
New research by Property Solvers has revealed that there were 27 residential home sales in the bracket based on properties using Cardiff (CF) postcodes from September 2021 up to September 2022.
The number of £1m-plus house sale was up slightly on the previous year's 25. In 2019-20 there were 13 , with six in the period 2018-19 and 18 back in 2017-18. The post code criteria means that Penarth and Cowbridge, both in the Vale of Glamorgan, are including in the analysis.
Using HM Land Registry sold house price statistics, the home buying company and auctioneer reported the total value of these sales in the last year were £37.1m. On 2020-21 this represented an increase of 17% (up from £31.1 m).
In terms of number of properties sold, this puts Cardiff in position number 72 across England, Wales and Scotland - above Manchester and below Worcester.
The most expensive property sold in the latest figures was at Marine Parade in Penarth at £2.2m
Speaking on the data, co-founder of Property Solvers, Ruban Selvanayagam, said: "Although there remains a fairly healthy volume of sales in this price bracket, such a pronounced drop would suggest that buyer appetite for these types of homes is decreasing.”
“£1m-plus properties - even for the wealthy - are major commitment and indeed affected by the wider economy. With continued inflationary pressures and rising interest rates as a result, it would not be too much of a surprise to see a continued cooling off across the high-end property market in the coming year at least."
