Newport in Wales is home to the fastest-moving property market in Britain, research shows.
The number of available properties for sale has dropped by 37% over the past year, while asking prices have risen by an average £12,000.
The upcoming removal of the tolls on the bridges across the River Severn between England and Wales at the end of the year has led to a surge in buyers flocking to the Welsh city.
People from Bristol, who face average asking prices of £300,000, are also making their way west in the hope of finding affordable homes.
According to property portal Rightmove, the time it takes to secure a buyer in Newport has fallen from 76 days to just 52 days.
The city beats Oldham, Scunthorpe and Rochdale, which rank in second, third and fourth place respectively on Rightmove’s list of top 10 fastest markets.
Across Britain, the total number of available properties for sale is up 2% compared to this time last year, while the average time to secure a buyer is 66 days, down from 67 days in 2017.
Rightmove’s Miles Shipside said the demand in Newport was taking its toll on the number of properties estate agents have available to offer buyers, making it “very much a sellers’ market in Newport right now”.
Local estate agents said they are selling houses every single day, often within hours, as soon as a property goes live.
Mark Roberts, director at Roberts Estate Agents, told the Telegraph: “Buyers from Bristol are being able to sell a small terraced house and move to Newport to a four-bed detached house for the same price, so I can see this level of activity and the stock shortages continuing for at least another 12 months.”
The rest of the top 10 fastest markets include Leigh, Wrexham, Southport, Colwyn Bay, Dewsbury, and Birkenhead.
Recover your password.
A password will be e-mailed to you.