The average amount of time to secure a buyer in Newport in South Wales has dropped by about a third since last year, making it Britain’s fastest-moving property hotspot. Some factors that have been encouraging buyers to move to Newport are that tolls on the Severn Crossings will soon be removed, and average home prices in Newport are about £175,944, which is much less expensive than nearby Bristol, where the average home price is over £300,000. With more and more people moving to Newport and surrounding areas, the inventory of homes in these locations are dropping but the demand for homes is still high, making it a sellers’ market.
- Newport in South Wales is the fastest-moving property market in Britain right now.
- Many people are moving from Bristol to Newport, where they can get a larger home for almost half of the cost.
- In Newport, the time it takes to secure a buyer dropped by 32%, the average home price has increased by 7%, and the inventory of homes available has fallen by 37%.
- Newport is a sellers’ market now, and it is increasingly difficult for local first-time home buyers to find a home.
Newport in South Wales has been identified as Britain’s fastest-moving property market, with the average length of time it takes to find a buyer in the city having been slashed by nearly a third over the past year.
Rightmove said last year’s announcement that tolls on the Severn Crossings will be scrapped at the end of 2018, and interest from buyers coming from more expensive areas such as nearby Bristol where the average asking price is over £300,000, have helped Newport‘s housing market activity to surge.
It found that in Newport, the average time it takes to secure a buyer for a property has fallen from 76 to 52 days – a 32 per cent drop.
Rightmove’s housing market analyst Miles Shipside said: “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.
Mark Roberts, director of Roberts Estate Agents in Newport, said: “Buyers from Bristol are being able to sell a small terraced house and move to Newport to a four bed detached house for the same price, so I can see this level of activity and the stock shortages continuing for at least another 12 months.”
View the original article at The Independent