Summer is here, and at David Baker & Co. we love nothing more than getting out there and sampling everything Penarth has to offer.
So much so, that we are here to share a couple of our summer favourites with you. And we want to hear yours too! Visit our Facebook and Instagram pages throughout August, share your local experiences with us and we’ll pick a winner in time to gift a lunch for four with our friends at Griff’s Deli, either to eat in or take away, in time for the August Bank Holiday weekend.
Cliff Tops Picnic
Being able to take the children out to any of the local parks after school when we have longer evening is a real treat, and we love a picnic at the Cliff Tops now and again. They love the playground and the views are awesome. With Willmore’s 1938 joining Cionis, there’ll be plenty of food and drink choices soon too!
St. Mary’s Well Bay Walk
You need to be aware of the tide times for this one, but a stroll further along the Cliff Walk and around Lavernock Point takes you to St Mary’s Well Bay and a very quiet, secluded spot. Spectacular scenery with the tide our and the sand bar exposed.
Watching the World Go By
Grab a drink and people watch either with water views at the Marina and Esplanade or in the town centre. We’re blessed with some wonderful places to eat and drink so get our there and give them a try.
Current Market Update
Economic headwinds are gaining momentum. Expectations of global and UK economic growth have been pared back, while consumer confidence has plummeted to its lowest level since records began in 1974. Optimism is weaker than during the global financial crisis, Brexit or COVID-19 (GfK). The COVID-19 recovery, the war in Ukraine and rising energy and food prices, alongside a strong labour market and low unemployment, have created a perfect storm. Inflation is pushing a 40-year high. Thanks to fixed-rate mortgages, many households are cushioned from the impact of the latest base rate rise, but day-to-day budgets are increasingly feeling the squeeze. However, double-digit property price growth remains evident in Penarth and the surrounding area, and growth is in the fact currently stronger than it was a year ago (ONS, UK HPI).
Across the wider region there is less than two months of available stock left to sell, down by almost half on the historical norm, and this seems to be what we are seeing more locally. For many, the question is when, not if, the property market will start to moderate. However, any gear change is liable to be slow and steady, and not an emergency brake as was the case in the global financial crisis of 2008. Forecasters- including ourselves- still anticipate a positive price growth over the course of the year. Market fundamentals remain strong and demand continues to outstrip supply. A strong desire to move remains in the minds of many and there is still a shortage of properties.
In 2021 we won three industry awards placing us in the top 5% of agents in the UK (The Property Academy- Best Agents Guide) as well as being judged as the best agents in Wales through the British Property Awards.
We have recently retained our Gold Award for 2022 with The Property Academy as well as adding an Excellent rating for our lettings service. This means we are in the running for Best Estate Agency in the UK once again and this is a real credit to the dedication and skill of the team we have here.