A NEW study has revealed the areas of Gwent where you can pick up a housing bargain.

Professional house-buying firm Property Solvers has revealed the areas with Newport postcodes where home sellers have been reducing their prices the most.

Tracking 730 property transactions between August 2020 and August 2021, the tool shows the average differences between asking prices on Rightmove and their actual sold prices lodged at the HM Land Registry.

The data effectively monitors the entire house sale process from initial listing, viewings, negotiation, offers, agreement through to the survey process, conveyancing, exchange and finally completion.

The biggest price discounts were seen in the NP8 (Crickhowell) postcode.

Across this region, 10 sellers were knocking off an average of £11,599 (or 3.15 per cent) from the initial asking price in the 12 months to August 2021.

Over the same period, the lowest hits on price were seen in NP22 (Tredegar), where 21 home sellers reduced their properties by an average of £3,854 (or 3.13 per cent) to get the sale going.

These were the areas with the largest price drops:

  • NP8, Crickhowell - £11,599, 3.15 per cent
  • NP25, Monmouth - £11,215, 3.54 per cent
  • NP15, Usk - £8,795, 2.03 per cent
  • NP16, Chepstow - £8,342, 2.63 per cent
  • NP23, Ebbw Vale - £8,312, 6.17 per cent

And the areas with the smallest house price drops:

  • NP22, Tredegar - £3,854, 3.13 per cent
  • NP11, Newport - £3,954, 2.49 per cent
  • NP12 Blackwood - £4,098, 2.26 per cent
  • NP44, Cwmbran - £4,563, 2.32 per cent
  • NP10, Newport - £4,913, 1.98 per cent

Across Caerphilly, sellers were knocking off an average of £4,723 (or 2.36 per cent) from the initial asking price in the 12 months to August 2021.

Property Solvers co-founder, Ruban Selvanayagam said: "Despite what has been a very active market, homebuyers are still, by and large, able to negotiate down on prices.

"There is also wider evidence of surveyors down valuing properties that are misaligned with the realities.

"This means that properties end up selling for lower than the original estate agent price estimation.

"It’s relative as a more expensive property is likely to see a wider price difference. Nonetheless, when buying, it's worth checking how much prices are being reduced in your area using our tool.

“For sellers, before listing, we always suggest looking at the widely available free data from HM Land Registry which tracks the prices properties are sold for and not what they are advertised for.

"On Rightmove, for example, you can often see previous listings to see how yours compares.”