House prices fall flat

Oct 10 2008 by Sarah Miloudi, South Wales Echo APARTMENTS in Cardiff Bay have suffered Wales’ biggest price decline, new research has revealed. Figures compiled by property website www.mouseprice.com revealed values of the area’s newest homes have slumped 9.1% over the last 12 months. In October 2007, apartments in Victoria Wharf and Ferry Court – both of which fall into a CF11 postcode – had an average value of £178,800. Now they are worth £162,500 – a dip in price of £16,300. Experts at the website describe the losses as “crystallised” – a trade term used to describe the real losses homeowners have experienced selling their homes. “These deficits are not on paper,” added Selwyn Lim, the website’s managing director. It is estimated around 1,254 new flats have been built in Cardiff Bay. Former leader of Cardiff council,... [read full story]