Research has been released by My Voucher Codes comparing the monthly rent and mortgage costs in the UK’s biggest cities. One city close to home has come out as the only major city in Britain where it’s actually cheaper to rent! This is actually quite a shocking revelation, as historically the mortgage repayments on a property have typically been cheaper than the cost of renting a property.
The study found that it’s cheaper to rent in Bristol than it is to buy. This city has seen an explosion in property prices, with house prices soaring and demand for property exceeding that which is available. The city’s location, being just over the Severn Bridge, has meant house buyers have been flocking to South Wales to find a reasonably priced home, and these numbers are about to rise even further!
Once the Severn Bridge toll is abolished on 17th December 2018 the reduced cost of commuting from Newport to Bristol will save you around £1,500 a year, leaving you with more money to spend on your rent or mortgage.
Renters in Bristol are saving themselves an average of £272 a month compared to those who own their property. In nearby Cardiff the average monthly rent is £1,015, and the average monthly mortgage is £992 which is just a difference of £23. A short drive towards Bristol and close to the Severn Bridge sits Newport, where we have properties for sale from £50,000 to £500,000, and to let from £300 to £1,350 per month.
In addition to a wide range of house prices and rental brackets, we are able to offer those of you who are crossing the bridge to look for a new home a diverse selection of property styles in a selection of areas. Our properties cover Caerleon, Langstone, Caldicot, Magor, Usk, Bassaleg, Rogerstone, Abergavenny, Risca, Abercarn, Maindee, St Julians, and Cwmbran. If you’re new to the area you will find local guides, market updates and community news on our website. Alternatively, you can register your details with our team who will notify you when a property matching your criteria comes to the market.
Bristol hit the news earlier this month with a story on how soaring rents have forced a number of families to seek refuge in a makeshift caravan city next to the M32. It’s therefore not surprising that young professionals and families are choosing to set up home in Newport, where they can afford to either rent or buy a property to suit them at a reasonable price.
In addition to appealing properties and prices, Newport has much to offer in terms of lifestyle. With Cardiff and Bristol just thirty minutes away, you’ll also find the countryside on your doorstep, and a park, playing field, or woodland area is never far away. Local attractions include the Brecon Beacons, Cardiff Bay, and enough castles to keep you busy every weekend for a year!
If you’re looking to take advantage of the lower cost of living by moving to South East Wales, contact our team today on 01633 870777 and tell us exactly what you’re looking for.