Rightmove’s latest assessment of the housing market suggests that Newport in Gwent is the fastest moving area in Britain for vendors.
A home on the market there takes an average of 52 days to find a buyers, down by a third from this time last year. The portal says Newport is benefitting from more interest following price rises around Bristol, and news that the Severn Bridges tolls are to be scrapped from later this year.
The increase in demand has led to the number of available properties for sale in the town dropping by 37 per cent and asking prices rising by over £12,000 to a typical £175,944. The time it takes to secure a buyer has dropped from 76 days to just 52 days over the past year.
The second fastest moving market is Oldham in Manchester where the number of available properties has dropped by 35 per cent and the number of days to secure a buyer has dropped from 101 a year ago to 76 now. Two other places in Greater Manchester also make the top 10, Rochdale and Leigh.
“A number of other areas in the top 10 have had asking price rises of four per cent or more over the past year, so homeowners who may be considering coming to market in these areas or those nearby could find that now is the time to make the most of the increased activity” explains Rightmove housing analyst Miles Shipside.
“At a national level, the number of available properties for sale is higher than this time last year, albeit by a modest two per cent, meaning there are still many places where new supply just can’t keep up with the demand” he adds.
The full top 10 consists of Newport, Oldham, Scunthorpe, Rochdale, Leigh, Wrexham, Southport, Colwyn Bay, Dewsbury and Birkenhead.