Looking to buy? Newport has some of the UK’s cheapest property
2:54pm Tuesday 16th October 2012 in News
NEWPORT has some of the cheapest property to buy in the UK, a survey revealed.
A new survey of property prices comparing cities across Britain found that Newport came in tenth cheapest based on the average price per square metre of property.
At £1,134 per metre squared, Newport was just behind Sunderland and Stoke-on-Trent on the list, with Londonderry in Northern Ireland topping the charts at £817 per square metre.
Despite Newport being one of the cheapest cities in which to buy, the research carried out by the building society Halifax also stated that the average house price in the city had still risen by 60 per cent in the last decade.
Westminster in London was the most expensive place on the list, with property costing an eye-popping £7,586 per square metre, just ahead of St Albans (£3,227 per square metre) and Oxford (£2,821).
The average price per square metre is worked out from Halifax’s House Price Index database and is calculated by dividing the average house price by the average square metres per property, not including external space like yards and gardens.
Estate agents across the city weren’t surprised to see Newport in the top ten.
Sarah Luscombe, a director at Luscombe and Co, said: “We’re between Bristol and Cardiff so sometimes Newport can be a bit of a forgotten place. We are finding it is a great market for landlords, with the rental market seeing incredible demand.”
Katherine Coleman, a senior negotiator at Martin and Co, said: “It’s definitely noticeably cheaper than Cardiff to buy here.”
Darra O’Flaherty, a director at Dunbar Estate Agents, said: “The market is a lot better than this time last year, we are finding that property up to about £100,000- 120,000 is selling quite well at the moment.”
John Newell, managing director at Kingston Newell, said: “Property on the west side of Newport is generally higher priced and in more demand than the east.”
Cheapest at just £52,500
THE cheapest house we could find for sale in Newport yesterday was this two-bedroom mid-terrace in Upper Power Street, just off Barrack Hill, costing £52,500.
The typical terrace has a livingroom, a dining-room and a tiled kitchen with a built-in oven and hob, and a full set of units and worktops.
The upstairs has two bedrooms and a bathroom with a bath and shower, while there is a small decked area to the front, and a yard to the rear with what the estate agent terms “extensive views over Newport”.
● Do you know of a cheaper property? Call the newsdesk on 01633 777219.