Here is South Wales East AM Mark Reckless' latest Argus column:

NEW Land Registry data has revealed that average house prices in Newport have increased more than in any other UK town or city.

The significant 10.6 per cent rise in the year to December has raised eyebrows, with the Land Registry attributing the increase, in part, to the abolition of the Severn Tolls, which many estate agents say has resulted in an influx of buyers from the west of England.

Along with Newport’s significant jump, Torfaen experienced a 12 per cent increase, and Monmouthshire an 8.8 per cent increase.

Many residents are concerned that these price rises are likely to end up pricing many local people out of Newport and its surrounding areas.

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With such significant rises, these fears are logical and understandable.

However, there are many positive consequences of the price rises.

Higher house prices can stimulate house building and jobs in construction as building firms see an opportunity to make a good profit when a house is completed.

This, in turn, will increase the housing supply, which is something that both the UK and Welsh governments are aiming to do.

The higher value of homes means that small businesses can take out lager business loans against the properties which in turn will lead to more commerce in Newport, drawing in investment, jobs, wealth and taxes.

Without the unnecessary barrier of the Severn Tolls, the opportunities for the south Wales east economy are bigger than ever.

However, if we are to take advantage of the opportunities that these house price rises present for business and jobs, we must have in place the appropriate infrastructure.

The abolition of the tolls is a huge step forward, but with the Brynglas Tunnels bottleneck to the west of Newport, businesses may worry about their ability to travel in a timely fashion between south east Wales and Cardiff, a particularly significant concern for firms that use HGVs and rely upon our roads.

People poised to move to south Wales east and then travel to work in Cardiff may also be put off by the inflated commuting times.

For these reasons, it is more urgent now than ever that we make a start on the M4 relief road, so that the final piece of the puzzle can be in place, and south east Wales can achieve its full economic potential.