PARTS of Gwent will miss out on financial opportunities after the Severn Crossing tolls are reduced next week, an expert has claimed.

House prices are likely to accelerate in the so-called “Newport-Chepstow-Monmouth triangle”, which could deflect investment away from areas in the Valleys.

That is according to Cardiff-based property consultants Bruton Knowles, who like many others are predicting that an influx of buyers from across the River Severn will boost prices.

But there are concerns over the concentration of activity in the eastern part of the region, and lacking transport infrastructure elsewhere.

Stuart Randall, from the property firm, said: “The inadequate road network serving the Valleys will leave these areas at a distinct disadvantage compared to the fast-developing hotspots around Chepstow, Monmouth and east of Newport.

“Without significant improvements to the infrastructure it is difficult to see how this imbalance will be addressed any time soon.”

test test

Stuart Randall, of Bruton Knowles. Picture: Roger Donovan, Mediaphotos

VAT will be removed from toll fees on both Severn Crossings on January 8, when control of both bridges returns to public ownership. The UK Government announced in August that all tolls will be scrapped by December 31, 2018.

Mr Randall predicts a “sea of change” in this triangle once the tolls are removed but said that the problematic M4 around Newport could deter some buyers.

“We are expecting the focus of work for mortgage valuers will be concentrated in the territory north and east of the Brynglas tunnels while heavy traffic levels at this historic pinch point are likely to prove a deterrent for people thinking of venturing further West,” he added.

“With property and land values being more affordable than in greater Bristol and the west of England, many people will be eyeing up potential places to re-locate, particularly as the bridge tolls were viewed as being a huge barrier to movement.”

House price index figures have revealed a growth of 3.3 per cent in Wales, ahead of the national average of 0.9 per cent.

“These figures are supported by the Royal Institution of Chartered Surveyors, which is also predicting strong growth in house prices in the area around Monmouth,” he said.

“Reducing then removing the tolls altogether will allow more people to live here and commute to and from places such as north Bristol, south Gloucestershire or even further along the M4 corridor. This greater demand will result in a corresponding hike in prices, which will be bad news for first time buyers.”