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October, 2011
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Rent Prices
Rent in Cardiff or Buy?
11/21/2011 2:09:56 PM
The Nationwide House Price Index for October 2011 recorded the average Cardiff house price at £204,599 and according to Cardiff Council research the average Cardiff household income equates to £31,829 per annum. The cost of the average Cardiff house is now 6.4 times the average Cardiff household income.
So is a citizen of the Welsh capital better to rent in Cardiff or Buy a property in the principality?
Let’s look at the figures, to purchase the average Cardiff house with a 80% Loan to Value (LTV) mortgage a buyer would need a 20% deposit which equates to £28,563.40 and will then have to pay the taxman 1% of the cost of the property as a “Stamp Duty” which is a further £2,045.99 (Although first time buyers are exempt up to £250,000 threshold applies from 25 March 2010 up to 24 March 2012 inclusive) and then added to the equation is the lenders arrangement fees from £499 to £1995.
So to purchase an average house in Cardiff a figure ranging between £31,108.30 to £32,604.39 is needed before any legal fees, surveyors fees and removal costs are taken into consideration take the figure up to a ball park £35,000, no wonder the average age of a first time buyer in the UK is now 43, what hope have you got it you have left university with a large loan for tuition fees?
So now you have your thirty something thousand pounds saved and armed with your 80 per cent Loan to Value fixed rate mortgage you can expect to pay rate circa 3.5% if you have a squeaky clean financial track record which equates to a monthly repayment of about £587
 
As a Cardiff lettings agent we are still seeing a trend of rising rent prices even though we are entering the so called “quiet period”, but what can you expect to pay per calendar month?
 
Cardiff Rent, How much will you pay?
One bedroom              Average rent £494 per calendar month
Two bedrooms                        Average rent £619 per calendar month
Three bedrooms          Average rent £575 per calendar month
Four bedrooms                        Average rent £999 per calendar month
Five bedrooms                        Average rent £1,251 per calendar month
 
As you can see a family with two children requiring a 3 bedroom property can look to pay £575 per month to rent in Cardiff and not have the hassle of the structural up keep of their home or have to worry about the heating packing up, they can leave the hassle and stress to the landlord or their property letting management company, or having saved their thirty thousand something pound pay £587 to own their own home.
 
WebLetz is a Cardiff Letting Agent and provider to information to Cardiff landlord and tenant across Cardiff, Wales and the UK.
 
Webletz a Cardiff Letting Agent can be contacted via email info@webletz.co.uk or by telephone 0845 496 0000.
 Why not visit Letting Agent Cardiff to register for our FREE guides:
Finding the Perfect Tenant
Reduce Void Periods and Receive your Rent on Time
 
One Third of the Average Household Income Needed to Pay Cardiff Rent
11/7/2011 11:24:37 AM
Webletz a Cardiff Letting Agent, Cardiff Property Management Company and provider of information to Cardiff Landlords and Cardiff Property investors has been looking into how much of a the average Cardiff household income is absorbed by the cost of the average monthly rental in the Welsh Capital.
In today’s rental market we are seeing rental prices increase month on month, so how much longer can this trend continue before the price to rent an average Cardiff property is no longer sustainable by the average Cardiff household income?
WebLetz a Cardiff Letting Agent research suggests there are 3,273 Cardiff Properties to rent and 1,083 of those listed in the last 14 days, with the average Cardiff rent equating to £908 per calendar month. Cardiff rents can be broken down as follows:
·         1 bed property £505 pcm
·         2 bed property £651 pcm
·         3 bed property £789 pcm
·         4 bed property £1008 pcm
·         5 bed property £1303 pcm
 
 
The number of Cardiff property to rent by price is:
 
·         <£250 pcm 62 properties
·         £250-£500 pcm 507 properties
·          £500-£1000 pcm 1.756 properties
·         £1000-£2000 pcm 832 properties
·          £2000-£5000 pcm 109 properties
·         £5000+ pcm 7 properties
Cardiff Council estimates the average Cardiff household income to be £31,829 per annum (Cardiff Household Income data supplied by Cardiff Council)  suggesting that 34 per cent of the average Cardiff household earnings is needed to pay the average rent in the Welsh capital.
WebLetz a Cardiff Letting Agent provides a host of letting agent solutions for landlords in Cardiff and across South Wales including:
·         £120 Professional Tenant Finders service
·         5% Property Management fee
·         Rent Guarantee and Rental Income Insurance
·         HMO tenant finders and property management services
 
 
Webletz a Cardiff Letting Agent can be contacted via email info@webletz.co.uk or by telephone 0845 496 0000.
Why not visit Cardiff Letting Agent to register for our FREE guides:
Reduce Void Periods and Receive Rent on Time
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