UK’s top 10 fastest-moving property markets revealed
Want to sell your property quickly? It would help if you live in Newport. The South Wales town has the UK’s fastest-moving property market, with homes selling there in just 52 days.
That’s a drop of 24 days on the last year, according to figures from Rightmove. The online estate agent listings site analysed local housing markets across the UK to identify how many homes are actually up for sale and how many days it takes a seller to secure a sale.
In Newport, sellers are finding a buyer within 52 days, down from 76 days a year ago and a drop of 32 percent in the time taken to sell. Meanwhile, average house prices in the town have also risen by 7 percent to £175,944 while the number of properties on the market have dropped by more than a third, fuelling demand even further.
Newport now more appealing to buyers
According to Rightmove, the demand in Newport has been fuelled in part by the news that the tolls on the Severn Crossings will be axed later in 2018. That makes the town much more appealing to those who are priced out of properties in the likes of Bristol and Gloucester. The average motorist could save more than £1,400 a year when the tolls are scrapped.
In Bristol, the average asking price is more than £300,000. For that price, sellers in Bristol can leave behind a small terraced home and buy a large detached home in Newport.
Demand taking its toll
Miles Shipside, housing market analyst for 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.”
The UK’s top 10 fastest-moving property markets, according to Rightmove, are:
- Newport, Wales
- Oldham, North-west
- Scunthorpe, Yorkshire and the Humber
- Rochdale, North-west
- Leigh, North-west
- Wrexham, Wales
- Southport, North-west
- Colwyn Bay, Wales
- Dewsbury, Yorkshire and the Humber
- Birkenhead, North-west
