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Wales

An ancient land with its own distinct identity, combining history, culture and natural beauty, Wales has traditionally attracted holidaymakers, second home purchasers, the retired, and those seeking to escape the rat race.

Over the last 20 or so years, the decline of traditional industries (chiefly coal and steel) caused some areas to become run down, but things are now changing – and fast. Today, Wales has a thriving services sector and is home to a variety of manufacturing industries. Unemployment has fallen, previously blighted locations are being regenerated, and the Welsh Assembly plans further economic and social improvements. All this is helping to broaden Wales’s appeal.

Types of property

From the terraced homes of the former mining towns of South Wales, to chic new-build apartments in larger towns and cities, to character detached houses with several acres of land in West Wales, the Principality’s housing stock is as varied as that of other parts of the UK.

Investment potential

In the past decade, property prices in Wales have risen significantly, but from a much lower starting point than those in most of England. The rise is continuing, albeit more slowly, and with some areas seeing greater increases than others. Buy the right property, in the right location, and you can expect healthy capital appreciation.

The Welsh buy-to-let market is surviving well under current economic conditions. Rental returns can exceed seven per cent in some areas. Demand from young professionals working for the increasing number of international companies, and from foreign workers needing short-term accommodation, is particularly strong in urban centres in the south, such as Cardiff, Newport and Swansea.

Popular buying locations

Since around two-thirds of Wales’s population is concentrated in Cardiff and the south east, where job opportunities are greatest, it is no surprise that properties in Cardiff, the Vale of Glamorgan and Monmouthshire have traditionally commanded the highest prices.

In recent years, Cardiff has been transformed, with a much-improved city centre, stylish shops and vibrant nightlife. The new Millennium Stadium, which hosts concerts as well as sporting and other events, is helping to raise its profile internationally.

Property sales in rural South West Wales (from Swansea through Carmarthenshire to Pembrokeshire and South Cardiganshire) are buoyant. Unspoiled coast and countryside (often compared to Cornwall’s), excellent transport links via the M4, an abundance of character properties (many with land) and relatively low prices have made the area a magnet for second home purchasers and retired people. Demand for homes in picturesque seaside resorts like Tenby is particularly high.

Partly as a result of the ripple effect from Cardiff and South West Wales, Swansea, the principality’s second largest city, is now booming.

Properties in Wales’s three national parks (Snowdonia, Brecon Beacons and Pembrokeshire Coast) command a premium. Because of strict planning laws limiting new development, they are likely to prove a good investment.

In North Wales, Anglesey and Conway are currently the most sought-after locations.

Up-and-coming areas

Recently, property in the revitalised Cardiff Bay area has been attracting considerable interest, particularly from young professionals. The once notorious Tiger Bay docks district has been transformed into a contemporary waterside development, with old and new structures (among them the Grade 1 listed Pierhead Building, the Wales Millennium Centre and the headquarters of the Welsh Assembly) co-existing harmoniously. The area has bars and restaurants aplenty, and lies within easy walking distance of Cardiff city centre and railway station.

Unlikely as it may seem, property prices in erstwhile mining areas like Blaenau Gwent, Rhondda Cynon Taf and Merthyr Tydfil are increasing rapidly. Devastated by the closure of the pits, these places once seemed beyond hope, with unattractive surroundings and bleak employment prospects. Now, however, government investment, in everything from visitor attractions to improved road and rail links with Cardiff, is giving them a new lease of life.

The former industrial areas of South West Wales, focus of a wide-ranging regeneration programme that includes the provision of new job opportunities and the restoration of neglected buildings, look set to become property hotspots. The docks at Milford Haven have a smart new image, with shops, bars and restaurants, while the planned Martello Quays development, part of the renaissance of Pembroke Dock, will include a 260-berth marina, 450 homes, a hotel, a multiplex cinema, bars, restaurants and shops.

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