Local property market information for the serious investor

36.1 miles – The average distance people go to escape living in Cardiff Bay

Doom and Gloom for Cardiff Bay Property Market?

How far do Cardiff Bay people go to move to a new house?” This was an intriguing question asked by one of my clients the other week. Readers of my property blog will know I love a challenge, especially when it comes to talking about the Cardiff Bay Property Market!

For the majority, the response is not very far. It is much more common for homeowners and tenants in Great Britain to move across town than to the next town or county. Until now, it’s been hard to say how many homeowners and tenants moved from (and to) relatively far away to buy or rent their new home. However, I carried out some research and requested some statistics from the Royal Mail. What came back was fascinating!

Using statistics for the 12 months up to the middle of Autumn 2016, 335 households moved out of Cardiff Bay (CF10), moving an average distance of 36.06 miles – the equivalent of moving from Cardiff Bay to Swansea (as the crow flies).  The greatest distance travelled was 243 miles – that’s more than 9 marathons (when someone moved to Beamish).

Considering there were 236 property sales in CF10 in the year and countless tenant moves, the numbers seems consistent – once you find a city you like, you tend to want to settle down and if you do move, you might only move to a different neighbour-hood, or for better transport links or, to be closer to the school you want to get your children into, but the likelihood is you won’t travel far.

I then turned my attention to people moving into Cardiff Bay. Using the same statistics for the 12 months up to the middle of Autumn 2016, 339 households moved into Cardiff Bay (CF10), moving an average distance of 77.66 miles – the equivalent of moving from Aberystwyth to Cardiff Bay (again as the crow flies). The greatest distance travelled was 398 miles – that’s more than 15 marathons (when someone moved from Aberdeen to Cardiff Bay).

I have looked at the data of every person moving into Cardiff Bay and these have been plotted on a map of the UK. Looking at the map below, it shows exactly where most people come from, when moving into Cardiff Bay. As you can see, there are a high proportion of people moving from London and the East.

So, what does all this mean for the landlords and homeowners of Cardiff Bay?

When an agent markets a property for rent or let, it is vital to know the tenant or property buyer well, that the properties they are letting/selling fit those tenants/buyers, so they almost sell themselves. These days that means not only knowing how many bedrooms, reception rooms etc., a property offers but the budget buyers and tenants want to spend on a property in that area as well as where they come from.

The estate and lettings industry loves the mantra “location, location, location”. I say it might be helpful to factor in where (and how) far people are moving from, so the property can be sold or let more easily. Many say knowledge is power and whilst I do enjoy writing my blog on the Cardiff Bay property market, I also use the information to help my clients buy, let and sell well. So for example, the information gained for this article, will enable my team and I to be more efficient in where to direct our marketing resources to ensure we maximise our clients’ properties sale-ability or rent-ability.

 

Kate Gwinnutt

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