The past 15 years has seen significant changes for Cardiff, but the next 15 are likely to see even more dramatic shifts. The Covid-19 pandemic has led to changes in working patterns, with over half of business reporting they intend homeworking to be part of a permanent business model.
The types of home in demand have changed as a result. As people expect to be spending more times in their home for work, there has been increased demand for larger homes. This is ref lected in values, with houses in Cardiff seeing value growth of 11.8% over the past year, compared to flats that have only risen at 5.8%.
Over the past three years, 52% of new homes delivered in Cardiff have been 3 or 4 bed houses, which should suit these home workers. Looking forward, Cardiff will need to continue to provide suitable homes that appeal to home workers, alongside transport infrastructure appropriate for those who will continue to commute regularly.
The end of Help-to-Buy next year will pose a further challenge. The scheme has supported over half (55%) of new build sales in the city over the past five years by our estimate. In its wake, other tenures will rise to help fill the gap.
We expect a greater level of delivery of Affordable homes and Build to Rent products to help plug this demand for those who cannot afford to buy, with 2,700 BtR units currently in the planning and development pipeline.