House price boom not slowing down (From Penarth Times)

House price boom not slowing down

PENARTH'S house prices are booming, rising by 10 percent in the last year. Across Wales as a whole, prices went up by 9.8 percent, and in South East Wales by 11.1 percent.

Now local experts have confirmed these figures are mirrored in Penarth.

The figures released by the Principality say this is the fastest rate of growth for Welsh house prices in the last ten years.

Chartered surveyor David Baker, owner of David Baker Chartered Surveyors and Estate Agents, said prices had gone up in Penarth too.

He said: "Overall, prices have gone up about ten percent. It depends on where in the town the house is. Some may go up by 15 percent, some only six percent.

"Some of the Edwardian and Victorian properties, say in Victoria Road and Plymouth Road, may have gone up by 15 percent, while three-bedroom semis in the Gardens may only have gone up by nought to three percent."

According to Mr Baker, Penarth Marina has also been a site for boom, with some properties now selling at £400,000. Meanwhile, houses at St David's development 'Meridian Court' have gone up from £200,000 two years ago to around £300,000 now.

First time buyers can expect to pay between £60,000-£80,000 for a starter house in Cogan, while wealthy buyers could part with up to £900,000 for a large house on Marine Parade.

Mr Baker, who has owned his business for 33 years, said: "Penarth has always been a nice place to live, with good access to motorways, shopping, lots for children to do. Additionally, its two major schools, Stanwell and St Cyres are brilliant.

"Every day I get someone ringing up saying they want to live in the catchment area for Stanwell. I don't think Cardiff could boast that quality. I didn't think it would ever happen, that people would come to Penarth for the schools."