Newport in Wales is the fastest moving housing market in Britain as available properties up for sale have fallen by a third, according to a new research report.
It means that the time it takes to secure a buyer in the Welsh city has decreased from 76 to 52 days over the past year with the analysis from Rightmove suggesting that the upcoming scrapping of Severn Bridge tolls is increasing interest.
It seems 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 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.
Analysis by property website Rightmove has found Newport in South Wales is the fastest moving market in Great Britain compared to a year ago, leading to a property shortage and long waiting lists in the city.
‘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,’ said Rightmove’s housing market analyst Miles Shipside.
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.
Buyers from Bristol and from Cardiff have been showing a lot of interest in property in Newport, according to Paul Cleverly, managing director of Pinkmove Estate Agents in Newport. ‘Another reason for the demand is the excellent transport links with easy access to the M4 motorway and the soon to be electrified high speed train line to London. Excellent public schooling seals the deal for many parent looking for affordable homes,’ he explained
‘The issue we have is that properties are selling so quickly so even though the number of overall new sellers coming to market hasn’t dropped dramatically, the demand that we’re seeing means that the number of available properties has been dwindling,’ he added.
Nathan James Reeks, owner of Nathan James Estate Agents in Caldicot and Magor just beside the Severn Bridges, believes that the market is about four times stronger than it was a year ago and the firm has sold nine homes in the last week.
‘We sold one recently within just a few hours, for over £100,000 more than it sold for only 18 months ago. The result of this is a huge stock shortage, which is making it tough for both local first time buyers trying to get on the ladder, and for those coming from places like Bristol. I’d say that within the next six to nine months you won’t be able to get a property for under £250,000 within a 10 mile radius of the bridges,’ he said.
