WHAT IMPACT WILL THE PLAN FOR 6,000 NEW HOMES IN WEST CARDIFF HAVE FOR BUYERS?

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new homes in West CardiffA £2 billion scheme to create a new Garden City on the outskirts of north west Cardiff was approved by city council planners earlier this year.

The Plasdwr development will see almost 6,000 new homes in West Cardiff being built over the next 15 to 20 years on a nine-acre site west of Radyr, Fairwater, and Pentrebane, and north of St Fagans. Some estimates say the population of the area will increase by more than 22,000 people.

The development is also set to include:

  • Healthcare and community facilities
  • Shops
  • A district centre and three local centres
  • Allotments and parks
  • Three new primaries and a secondary school
  • New road junctions
  • New bus routes

The plans say 30% of the homes will be affordable housing, half of those being social rented homes.

Two third of the houses built will be three or four-bedroomed homes, perfect for families.

Redrow Homes is the lead developer and the first phase of development is 126 new homes in West Cardiff off Llantrisant Road in Radyr.

How will the new homes in West Cardiff affect the housing market?

Fortis Properties Managing Director Damon Ormonde believes now is an excellent time to buy an existing property in north west Cardiff.

“Some people assume that an increase in the supply of houses in an area would mean house prices would fall,” he says.

“That isn’t the case. Large-scale developments such as this re-focus buyers’ minds on an area and help them see it in a positive light. They increase demand.

“Recent research by the London School of Economics bears this out. Its evidence showed there is no sustained price drop in an area where there is a development. (Read more about that here.)

“Its research found prices continued to follow upward trends. Once developments were completed, prices rose even more quickly in surrounding areas.

“The Olympics saw major redevelopment in Stratford, east London. Since then, every area which hosted Olympic events has been found to have had a house price boost – particularly areas surrounding Wembley where one real estate group found prices have almost doubled since 2012. They’ve risen by 99%. The same research found Stratford’s house prices have risen by 10%, Newham by 19%, and Woolwich by 13%.”

As well as radiating positivity, major developments often deliver better facilities – new schools, new bus routes, cycling routes, and parks.

This is certainly the plan for the Garden City.

Better facilities attract more people to an area. If more people want to live there, house prices rise as it becomes more desirable.

Damon says: “This area already has excellent selling points such as good schools, easy access to the M4 and Cardiff city centre, good rail and bus links, and leisure facilities such as parks.

“It’s an attractive area for families and young professionals.

“So, if anyone is looking to buy here, now may well be the time to make the move.”

 

Do you need expert help finding a new home in Cardiff? Our team has years of experience in the area and a deep understanding of the local market. We’re also based in Fairwater.

If you’re looking to buy, or sell, in north west Cardiff call us on 02920 561111.