Young buyers in the UK are seeking refuge in the valleys after being unable to afford or acquire a mortgage in the south of england.
Young buyers find refuge in the valleys
18 May, 2007
Young buyers are turning to Wales after being priced out of the South of England.
According to SmartNewHomes.com, in addition to a growing number of first-time buyers, who have been driven out of the expensive southern regions of England, young homebuyers are moving towards the more affordable property hotspots in Wales.
As a result, Wales, where average property prices are £238,765, has seen an influx of new home buyers, in search of a greater variety of more affordable homes. Prices have rocketed by 9.1 per cent in April alone, and 4.8 per cent over the last year.
However, despite this recent surge, prices still remain highly competitive. While homebuyers at the bottom of the ladder in the south are increasingly finding apartments to be the only property type that falls realistically within their budgets, those choosing to move out to more affordable destinations are able to chose from a wide range of townhouses, semi detached and detached homes that typically offer more space, often with private gardens and private parking.
David Bexon, managing director of SmartNewHomes.com, said: “Young homeowners are becoming more mobile in their search for a property and a better lifestyle. Cities such as Cardiff are continuing to act as a magnet for young homeowners, with thriving business centres offering a growing number of career options and prospects in addition to a wide choice of property at affordable prices and for many, a better quality of life.”
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