A Penarth mortgage expert is warning the town’s residents of the implications of the Penarth heights development.
The Speaking of the development, local mortgage broker John Pearson said, ‘‘Penarth Heights is a fantastic development for the town. The high spec housing will surely add to the economy; bringing more people to spend in our shops and our businesses.’’
The site has been largely empty from 2002, and whilst it seems that no one was sad to see the run down estate demolished, it did mark the end of an era for Penarth. The stunning views from the cliff top overlooking Cardiff Bay is sure to make Penarth Heights a popular spot for those looking to purchase property in the area, however Pearson warns it could be a double-edged sword.
‘‘On one hand it brings more money in to the town, but on the other it drives house prices up. Of course, this is good news for home owners, but not so great news for first time buyers.’’
Penarth property prices are some of the highest in the Cardiff area and with these one to five bedroom properties looking to fetch between £140,000 and £415,000, they certainly aren’t any exception.
Pearson continues, “Earlier this year, The Sunday Times placed Penarth in its top ten of places to live in the UK. Consequently, it’s difficult to see the demand for properties in Penarth diminishing. The recent launch of more 95% loan-to-value mortgages under the governments “Help to Buy 2” scheme is likely to drive demand, and therefore prices, even higher.”
The designs for the much-awaited Penarth Heights complex were revealed at the beginning of September for the 377 apartment and the site looks set to hit completion date by 2017.
Councillor Paul Church said: “For quite a few years the Billybanks was in a very derelict state, and people were concerned that over the years the site was in disrepair. I’m delighted that 20% will be social housing and is part of a 10-year regeneration scheme taking place in Penarth.”