Newport in Wales is the fastest moving housing market in the UK as available properties up for sale have fallen by a third, according to a new research report from Rightmove
It means that the time it takes to secure a buyer in Newport has decreased from 76 to 52 days over the past year with the analysis from Rightmove suggesting that the upcoming elimination of Severn Bridge tolls is increasing interest.
It would appear that buyers who find prices in Bristol, on the English side of the Severn Bridge, which average £300,000, are now looking across the river to Newport with estate agents reporting lengthy buyer waiting lists.
The demand has led to a 37% year on year drop in available properties for sale in Newport and a £12,000 rise in asking prices, making it the fastest moving market compared to a year ago.
The rest of the top 10 fastest moving list is dominated by towns in the North of England and Wales. The second fastest is Oldham in Greater Manchester, followed by Scunthorpe in Lincolnshire, Rochdale and Leigh, both in Greater Manchester, Wrexham in Wales, Southport in Merseyside, Colwyn Bay in Wales, Dewsbury in West Yorkshire and Birkenhead in Merseyside.
Overall nationwide the total number of available properties for sale is up 2% on the same time last year, while the average time to secure a buyer is one day quicker than this time last year, at 66 days.
Miles Shipside, Housing Market Analyst at Rightmove 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 on Rightmove, making it very much a sellers’ market in Newport right now.”
Local agents confirm the trend. According to Mark Roberts, director of Roberts Estate Agents in Newport, revealed that his firm is selling houses every day, often within hours of a property being put up for sale. “We’re seeing all sorts of buyers looking for properties in Newport, from first-time buyers and investors from Bristol to locals taking the chance to sell up and buy a bigger home,” he 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,” he added.
