Newport in Gwent has just been identified as the fastest moving area in Britain for home sellers by Rightmove, the UK’s largest online real estate portal and property website.
Homes in Newport only take about 52 days to find buyers. This time last year, it took a third longer. This dramatic increase can be attributed to two factors. Firstly, the rise in property prices around Bristol are driving more buyers to Newport. Secondly, news that the Severn Bridges tolls are to be scrapped later this year is also counting in the favour of the Newport property market.
According to Lloyd Reynolds from Luscombe and Co, it’s really a good time to put your property on the market: “There’s been a high-pace buying frenzy here in Newport and there’s a shortage of properties available, so now is a really good time to put your property on the market or to have it valued.”
The number of days it takes to sell a property dropped from 76 days to just 52 days in the past year. Luscombe & Co’s last 7 properties took on average only 34 days to secure a buyer.
The available properties in the town has dropped by 37% due to this growing demand. This is also affecting prices of properties to rise by a whopping £12,000, bringing the average price of properties up to £175,944.
“A number of other areas in the top 10 have had asking price rises of four per cent or more over the past year, so homeowners who may be considering coming to market in these areas or those nearby could find that now is the time to make the most of the increased activity” explains Rightmove housing analyst Miles Shipside.
“At a national level, the number of available properties for sale is higher than this time last year, albeit by a modest two per cent, meaning there are still many places where new supply just can’t keep up with the demand” he adds.
The other areas in the top 10 are: Oldham, Rochdale, Leigh, Scunthorpe, Wrexham, Southport, Colwyn Bay, Dewsbury and Birkenhead.
If you’re interested in having your property valued or putting it on the market, you can contact Lloyd Reynolds from Luscombe and Co on 01633 265222.