Property hunters are starting to migrate west into South Wales after Newport emerged as the fastest place to sell a home, with it now taking buyers 33% less time to commit to a property purchase than it did a year ago, according to Rightmove.
The results from Rightmove show that demand in the city is soaring, and with the toll fees on the Severn Bridge set to be scrapped later this year, house prices are expected to receive a boost as more people flock to the city – creating huge opportunities for developers and investors.
Buyers say bye-bye Bristol, hello Newport
House hunters are bypassing trendy Bristol to bag a bargain across the border, where a terraced house can be bought for the equivalent of a flat with the average entry price starting at around £300,000, while a large detached house in Newport costs the same price as a small terraced property in Bristol. Currently, the average house price in Newport is £175,944.
Bridge over expensive water to affordable homes
The recent announcement that after 50 years, crossing tolls over the Severn Bridge are to cease by the end of 2018 is seen as a catalyst for encouraging buyers to flock to the Welsh city. Calculations come up with an annual average cost saving of around £1,500 for motorists when the toll charges are stopped. This is a significant reduction which would cover a family’s yearly bill.
Paul Cleverly, managing director of Pinkmove estate agents in Newport, said: “Good transport links and convenient access to the M4 motorway are helping to attract buyers. We are seeing buyers coming from Bristol to the east and from the west buyers are moving from Cardiff.”
Newport’s housing stock down by over a third due to buyer demand
Miles Shipside, housing market analyst at Rightmove, said: “The average asking price of a property in Newport is almost 50% less than 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, clearly the demand is affecting the number of properties agents have available to offer buyers on Rightmove, making it very much a sellers’ market in Newport right now.”