Bridge toll reduction already proving positive for Newport property market

It looks like the promise to scrap the Severn Bridge tolls altogether, saving 25 million travellers a year upwards of £1,400, could deliver even better results for Wales than those predicted.

Since fees were reduced in January, figures from property portal Rightmove show Newport estate agents are already reporting a 37% drop in available properties for sale and an average £12,000 uplift in asking prices, as Bristol owners are gambling on the promised toll scrappage going ahead.

The average time it takes to sell a property in the city has now fallen from 76 to 52 days.

Newport is now home to the fastest moving property market in the UK.

Local estate agents told the Telegraph that competition for properties new to the market is such that they are selling houses “every single day, often within hours, as soon as a property goes live”, Mark Roberts, director at Roberts Estate Agents, 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.”

Estate agent Nathan James Reeks expects 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”.

Swansea estate agent Rees Richards says the impact of scrapping the tolls will extend across South Wales.

“Scrapping of tolls and much-needed improvements to the M4 (which businesses in South Wales are continuing to press for), will mean many of South Wales’ beauty spots should be within an easy commute of Bristol. This is good for property prices, and with more attractive property taxes for many buyers from next month onwards, we could see more buyers looking to move to the region, as well as more businesses considering relocation.”

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