Newport in South East Wales is currently the fastest moving housing market in the UK as available properties that are up for sale have fallen by a third, according to a new study report from Rightmove.
The time that it takes to obtain a buyer in Newport has dropped from 76 to 52 days over this past year. With the new report form Rightmove, it shows that the forthcoming elimination of Severn Bridge Tolls is increasing in interest.
The attraction to Newport has increased, opposed to Bristol which is on the other side of the Severn Bridge, where houses prices are averaging at £300,000. This has been reported by estate agents who are now having much longer waiting lists for prospecting buyers.
The request for housing 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 previous leads.
The rest of the top 10 fastest moving list is dominated by towns in Northern 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 complete number of available properties for sale is up by 2% on the same time last year, while the average time to acquire a buyer is one day quicker than this time last year, averaging at 66 days.
Miles Shipside, Housing Market Analyst at Rightmove stated: “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 estate agents confirmed the trend. According to Mark Roberts, director of Roberts Estate Agents in Newport, revealed that his firm is selling houses every single day, more often than not 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.