When it comes to the local property market, there is a lot to be said for knowing the most recent prices. Even if you are not looking to buy a home in the near future, property prices can be an indicator of what is happening in the local area while giving you a clue as to what is likely to happen in the near future.
There are many reasons why you would enjoy life in Newport, located in South East Wales. At around 12 miles from Cardiff, Newport is handily located to this major destination but it shouldn’t be overlooked that as of the 2011 census, Newport was the third largest city in the entire country. With the city boasting of a population of over 145,000 people and the urban population standing at more than 306,000 people, it is fair to say that Newport has a lot going for it.
Know how much property is selling for in Newport
As of October 2017, the average value of property in Newport stands at £169,276 while the average price paid for Newport in the past 12 months is £163,227. In the past six months, the average price paid for Newport property stands at £158,520 and the average price paid for property in Newport in the past three months stands at £157,564. All of these figures are according to the most recent Zoopla statistics.
While some people may have concerns about the drop in price paid when looking at the last six month and three month figures, it is important to be aware of the risks at looking at small sample sizes. Over a period of three or six months, one or two outliers can cause the average property price to be skewed away from its norm, so this isn’t always a true reflection of the market or an indicator as to what will happen with the property market in the future.
Newport compares well with many parts of Wales
As a comparison point, the average value of property in Wales, as of October 2017, stands at £184,041 while the average price paid for Welsh property in the past 12 months stands at £172,167.
Some of the average prices paid in leading Welsh areas in the past 12 months can be seen as follows:
- Blaenau Gwent £95,440
- Caerphilly £141,602
- Cardiff £221,352
- Carmarthenshire £150,041
- Flintshire £169,552
- Merthyr Tydfil £119,089
- Monmouthshire £256,005
- Swansea £163,129
- Wrexham £168,203
While Newport is by no means the most affordable area in Wales, the average price paid is attractive compared to the average prices in Cardiff, particularly when the two areas are situated so close to each other.
Another issue that is important to many people is the rental fee in an area and in Newport, the average property rents stands at £608 per calendar month (PCM). A one bedroom property has an average rental PCM of £459 and a two bedroom property provides an average rental PCM of £566. For a three bedroom, four bedroom and five bedroom property, the average property rents per calendar month stand at £639, £1,047 and £1,160 respectively.
With Newport having so much to offer, there are many reasons why you would like to set up home here, but it is vital that you know about the local property market and the prices associated with the area. If you would like to know more about the Newport property and lettings market, get in touch with Homelink Lettings.