Newport named city with fastest moving property market
Property is selling three times faster in Newport than it was a year ago; making it the UK’s fastest moving property market.
The news comes in a report by property website Rightmove, which looked at the changes to the housing market that had taken place over the course of a year. It pinned the improvement in Newport’s housing market on a combination of factors, including the cost of property in nearby Bristol and the announcement that the Severn Crossing bridges would become toll-free by the end of 2018.
The research found that the average time for a house to sell in Newport had fallen by 32 per cent. House prices had increased also, with the average seeing a seven per cent rise to £175,944.
Commenting on the contrast with house prices in nearby Bristol, the market analyst for Rightmove, 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.
“However, the demand is clearly taking its toll on the number of properties agents have available to offer buyers, making it very much a sellers’ market in Newport right now.”
Other regions, such as Oldham, Rochdale and Dewsbury, also made the list, having enjoyed an increase in the rate at which property was selling.