Housing ‘boom time’ for Newport as homes prices soar
NEWPORT’S residential property market is moving from strength to strength, with house price increases outstripping the national average, according to a report published today.
House price affordability in the city is also making the market accessible to buyers, while the £2 billion regeneration programme in Newport is helping create opportunities for property investors and developers, the report by independent property consultancy Knight Frank states.
The report, which studies the residential property market in the city, states that since the start of 2012 the average house price in the city has increased by 7.8 per cent, compared to 1.4 per cent across England and Wales.
The report also adds that housing affordability in the city continues to be an attraction to buyers, with the typical deposit required to secure a mortgage in Newport standing at little more than £23,000, compared to a little more than £28,000 in Cardiff.
In 2011 the average house price in Newport was £116,128, compared to £118,923 for the whole of Wales.
The report also states that regeneration in the city is helping to drive the residential property market forward.
It states: “Major upgrades to the city centre’s infrastructure including the railway station renewal, a newuniversity campus, and the Riverside Walkway, have facilitated fresh investment into housing.”
On top of this the report states household growth in the city over the ten years to 2021 is expected to equate to an 8 per cent expansion.
Official projections suggest that 7,100 new households will have been created in Newport between 2007 and 2021.
Knight Frank’s head of residential research, Liam Bailey, said: “Newport’s residential market strength is founded on its relative affordability, with prices and earnings more closely balanced than in other comparable local centres.”
He added: “Thanks to the regeneration programme, property developers have recognised the potential of Newport over recent years.”
Head of regeneration at Newport Unlimited Hamish Munro said: “The report confirms Newport as a city with great potential for home-buyers and property investors.”
Copies of the report are available from www.newportunlimited.co.uk