Unless you’ve been living under a rock you will have heard that the famous Severn Bridge will soon be having its toll charge scrapped. Since the news broke last year, property prices in Southeast Wales have soared. According to research by Housesimple.com, house prices in Monmouthshire and Newport have risen by 14% and 13.7% respectively over the past 12 months, and now that a toll-free date has been confirmed these prices are sure to rise even further.
If you already commute to Bristol from Newport, or are looking for a new home over the bridge, then pop Monday 17th December in your diary as you’ll be receiving an early Christmas present! From this date, the Severn Bridge will become free to cross into Wales, meaning we are likely to see a rise in people relocating from England.
Buyers will be taking advantage of the lower house prices in Newport and Monmouthshire compared to their counterparts in Bristol. In fact, the average price of a property in Newport is around £100,000 less than in Bristol. First-time buyers, young professionals, and families can all get a great deal more for their money by just popping over the bridge.
Currently, it costs £5.60 for a car to travel westbound into Wales.
During a 5 day week, this amounts to £28, i.e. £121 a month, and £1,456 a year.
13 minutes from the Severn Bridge, average property prices in Monmouthshire are £272,170
29 minutes from the Severn Bridge, average property prices in Newport are £181.354
34 minutes from the Severn Bridge, average property prices in Torfaen are £145,480
It’s not just property prices that will be affected; local businesses have also welcomed the news, as the crossing is likely to improve economic relations between South Wales and Gloucestershire. Business drivers, holidaymakers and commuters will all enjoy toll-free trips without the additional headache of significant delays at the toll booths.
Properties for sale in Newport currently range from £70,000 to £350,000, these include apartments, terraced homes, and semi-detached properties. Unlike their counterparts in Bristol, many of these houses boast front and rear gardens, a driveway and garage. In addition to being just a half an hour’s drive to Bristol, Cardiff city centre is less than half an hour away in the opposite direction.
If you’re looking for a home with more of a rural feel then take a look at the properties for sale in Caerleon. The Roman village has houses ranging from £130,000 to £450,000, mainly consisting of semi-detached and detached homes, in the catchment area of a great comprehensive school and with a close community feel.
Whether you’re looking to buy in Southeast Wales or have a property to sell, you can speak to our team with local knowledge in these areas and on the current property market on 01633 870777.