Cardiff, the capital city of Wales, has been identified as one of the most affordable cities in the UK for single individuals looking to purchase a home, with the average cost of a one or two-bedroom property being £198,920. According to experts at Zoopla, Cardiff ranks as the seventh cheapest city for single homebuyers in the UK. The study also revealed that Aberdeen in Scotland claimed the top spot as the most affordable city for single individuals to buy a home, with average property prices around £119,350, followed by Liverpool at £130,800.
Cardiff’s affordability extends beyond housing, as it has been recognised as one of the most cost-effective cities in the UK for students and international students alike. In 2023, Cardiff was rated as the second most affordable student city in the UK by the Natwest Student Living Index. The overall cost of living in Cardiff is considered moderate compared to other UK cities, with expenses like groceries, utilities, and transportation typically aligning with the national average.
While Cardiff offers relative affordability compared to some other UK cities, challenges persist for many prospective homebuyers. Factors such as increasing interest rates, stringent mortgage regulations, and slow wage growth have compounded the difficulty for first-time buyers aiming to enter the property market. The disparity between rising house prices and stagnant wages has made saving for a deposit a formidable task, particularly amid escalating rental costs and living expenses.
The prevailing cost-of-living crisis further exacerbates the obstacles to homeownership, highlighting the reality that even in a comparatively affordable city such as Cardiff, owning a home remains out of reach for numerous individuals. The financial strain is palpable for individuals like Taite Johnson, a resident contemplating the leap to independent living amidst mounting financial pressures.
For those aspiring to purchase their first home, financial experts recommend utilising tools like the Lifetime ISA (LISA) as a strategic savings vehicle. By contributing up to £4,000 annually, eligible individuals aged 18 to 39 can benefit from a government-matched 25% bonus, potentially accelerating their deposit accumulation over time. Splott, a neighbourhood in the southern part of Cardiff, has emerged as a popular choice among first-time buyers due to its affordability and desirable amenities.
Naomi Fesley, a resident of Splott, underscores the neighbourhood’s appeal, attributing her property purchase to its affordability and vibrant community atmosphere. Fesley emphasises the abundance of parks in the area, making it an ideal locale for activities like dog walking. Splott’s affordability relative to other parts of Cardiff enabled Fesley to realise her homeownership aspirations while residing with family to bolster her savings.
Consumer expert Daniel Copley of Zoopla emphasises the importance of thorough research and due diligence when embarking on the journey of purchasing a home as a singleton. By investigating beyond surface-level impressions, prospective buyers can ascertain the long-term compatibility of their prospective property investment. Zoopla’s rankings unveil the most affordable and least affordable locations for purchasing one or two-bedroom properties, shedding light on the varying affordability across different regions in the UK.