Often seen as the thorn in Cardiff’s crown, Newport has not always had the best of reputations in South Wales. In recent years there have been many improvements to the city centre that have brought vital trade and also a new wave of optimism to the city. Hosting large-scale events has also played a part in putting Newport on the map, but mostly recently it’s the house prices that are creating a buzz.
London, the country’s property hotspot, has seen a downturn in the last couple of years, but we don’t think anyone would have expected that Newport would be crowned Britain’s fastest moving property market over our nation’s capital, according to research undertaken by the property portal Rightmove.
We anticipated that the market would flourish after the announcement of the scrapping of the Severn Bridge toll fees at the end of this year, and last year we started to see more buyers coming over the bridge from Bristol to take advantage of the more affordable housing market.
Many people in South Wales commute to Bristol daily for work, and it’s estimated that the average motorist could be saving somewhere in the region of £1,400 a year with the scrapping of the tolls.
Rightmove found that not only have the house prices increased by 7%, but the average time it takes for a house to sell has fallen from 76 to 52 days, that’s a 32% drop.
“The average asking price of a property in Newport is almost half that of Bristol so you can see why buyers are making the move into Wales, especially as they know the tolls on the bridges will be scrapped at the end of the year. However, the demand is clearly taking its toll on the number of properties agents have available to offer buyers on Rightmove, making it very much a sellers’ market in Newport right now,” said Rightmove’s housing market analyst, Miles Shipside.
Aside from the toll, the other thing having a positive impact on house prices in Newport is the ale factor. According to another recent study, it is suggested that properties in close proximity to a brewery could see up to 15% added to the asking price. With Tiny Rebel flying the flag for Newport, it was found that properties close to the brewery were 26.8% more expensive than the city’s average asking price.
Newport is certainly a city that is on the rise again, and with continued investment in its infrastructure it looks like it’s going from strength to strength, which is wonderful news for anyone living in or looking to move to this exciting city.
Forget the Newport you knew and take a look at what Newport is now becoming. Let us show you why you should be considering this city for your next home.