Newport Seeing Increase in Property Market Prowess

It was only last year we were seeing interest in Newport properties drop 30%, with a buyer demand of 36%. However, fast forward a few months and we are now seeing the city making a name for itself as having the fastest moving property market in Britain.

According to new research, the rate at which buyers are taking to purchase a property has fallen by nearly a third over the past year, with perhaps the decision to eventually remove the Severn Crossings toll between England and Wales also greatly contributing.

It must be a refreshing change of financial pace for those previously investing in Bristol, with house prices averaging at £300,000. According to property portal Rightmove, properties in Newport are currently costing on average £173,612. With a detached house costing around £277,000, it is no wonder estate agents are pointing out that those with property in Bristol could upsize from a small terrace at little to no extra cost.

However, you might find yourself on a long waiting list for a while, according to the reports Rightmove are receiving from Newport estate agents. Whereas those with property to sell are finding the process completing quicker, falling from 76 days to only 52 over the past year, seeing a 32% drop. This has led to a 37% drop in available properties, and a rise in asking prices of £12,000. This may be considered by some as a small increase, but it could be the beginning of a gradual growth.

Newport has the fastest moving property market in Britain

We have seen the number of properties for sale in Britain go up by 2% in comparison to this time last year, which although an increase, shows the struggle the property market is still fighting to break out of due to the current housing crisis. This situation has multiple possible solutions, but each have underlying issues which do not look likely to provide a fix as promptly as the markets needs. Theresa May’s recent speech at the National Planning Conference covered her own plan of action, specifically the idea to overhaul the existing National Planning Policy Framework.

Miles Shipside, housing market analyst for Rightmove, believes that this 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.” The average time for a homeowner to secure a buyer has fallen from 67 days to 66 days in 2017.

Rightmove has provided quotes from local estate agents, supplying their view on this change in the property market. Mark Roberts, director of Roberts Estate Agents in Newport has said he “can see this level of activity and the stock shortages continuing for at least another 12 months.”

Paul Cleverly, managing director of Pinkmove estate agents in Newport, points out the importance of good transport links. With the future abolishment of the Severn Crossings, and having the M4 motorway nearby, Newport is ticking a lot of boxes for investors.