Newport, the city where homes sell fast

NEWPORT in South Wales now has the fastest-moving property market, according to a study – as homes are being snapped up nearly a third faster than a year ago.

Estate agents say the city’s market has seen a surge of interest from buyers in more expensive areas such as Bristol. They may also have been encouraged by the planned removal of tolls on the Severn Crossings – estimated to save motorists about £1,400 a year on average.

The study by property website Rightmove recorded the number of homes being sold and how long it took in areas across the UK.

It found that in Newport average selling time fell from 76 to 52 days last year – down 32 per cent. Average house prices were up 7 per cent to £175,944.

The number of homes available also fell by 37 per cent.

Mark Roberts, an estate agent in Newport, said: ‘I see this level of activity and the stock shortages continuing for at least another 12 months.’

Also identified as having fastmoving markets were Oldham, Scunthorpe and Rochdale.