– Swansea has a population of 241,300.
– That’s an estimated 100,542 households.
– According to gov.uk there was an estimated 8.05 repossessions for every 100,000 households In each quarter.
– This equates to a total of 32 repossessed house in Swansea during 2017.
– This means that there is a large number of below market value houses for sale in Swansea.
For a number of reasons Swansea may offer some great potential property investment for those looking to build a property portfolio. Firstly, it is possible to grab a bargain, many of the properties are far lower than prices you’d expect to be paying in similar cities in England. There are almost a fairly high number of repossessions considering the number of households. In the last 10 years a number of properties in Swansea have gone for as little as £49,000-£50,000, most of these believed to actually be repossessions, according to Wales online. Buy association also reported that Swansea offered great opportunities for first time buyers, as the average waiting time for sellers was 110 days, one of the highest in the UK. For theses reasons if you are a first time buyer Swansea offers the perfect starting point.
Repossessed homes in Swansea
On the other end of the scale, research suggests that Swansea could also offer great opportunities for those who have already had experience in the property market. There is still potential to buy property at a more hefty price that may increase in value. As Wales online stated there will soon be a huge development scheme for Swansea which will potentially home a number of high-skilled jobs. A site that was previously used for Tinplate works is currently being marketed to attract investors to create industrial units and office space. The scale of this planing will create hundreds, if not thousands, of highly skilled jobs. The outcome to this, if successful, would be a much higher demand in property around Swansea and therefore a boom in property prices.