Following two years of rapid growth in house prices, 2022 has seen things slow down significantly in the wake of energy price hikes, the war in Ukraine and spiralling inflation. With a full blown cost of living crisis and a recession on the way, there are predictions of a fall in house prices of around 10% in 2023 as our belts tighten and mortgage affordability becomes more of an issue.
As an area that saw some of the most impressive house price growth during the covid-19 pandemic, Wales has bucked the downwards trend with the strongest annual house price growth of any part of the UK in September 2022. This has particularly been the case for South Wales, and at the top of the table sits the county of Newport, with an impressive 22.5% annual house price growth.
So, what does Newport have to offer homeowners looking to take advantage of buoyant house prices? Let’s find out a little more about this popular coastal area 12 miles northeast from the capital city of Cardiff.
One of the first things to mention is that despite a healthy boost to house prices of 19% overall since 2019, Newport, and the wider South Wales region, is still an affordable place to live. According to Rightmove, the average house price here is £226,962, significantly less than the UK’s overall average price of £294,559. The most expensive area of Newport, Castleton, may cost a budget-busting £604,000 on average thanks to the hamlet’s scenic location, plethora of spacious detached homes and proximity to Cardiff, but this is by no means the norm in the region, with properties available in nearby Bettws for around £168,000 on average.
For commuters, Newport’s proximity to Cardiff makes it a great alternative to living in the busy and more pricey capital. Newport train station offers around six services an hour to Cardiff, taking less than 15 minutes door to door. There are also regular services further afield to Pembroke Docks, Holyhead, Bristol, Manchester, Cheltenahm, London Paddington and Portsmouth amongst others and frequent local and long-distance bus services. By car, you can cross the border into Bristol in around 40 minutes thanks to the nearby M4. When air travel beckons, Cardiff airport is also only 30 miles and around 35 minutes drives away to the south west.
Day to day, homeowners will appreciate the numerous amenities on the doorstep in Newport. The Friars Walk retail and leisure complex is home to both popular high street shops and independent retailers and eateries alike and revamped Newport Market – the biggest indoor market regeneration of its kind in Europe – is a must visit. Multi-generational Newport has plenty of activities to appeal to the whole family as well, such as the Jump Adventure Trampoline Park, the Newport International Sports Village, the Riverfront Theatre & Arts Centre and a number of festivals and live events throughout the year. There is also a buzzing nightlife for the student population courtesy of a range of bar and clubs.
Getting back to nature is easy too. The walks and visitor centre at Fourteen Locks on the Monmouthshire Canal, Newport Wetlands National Nature Reserve and Belle Vue Park are all well worth a visit, as are Newport’s various other parks and green spaces. History buffs should also check out the St Woolos Cathedral and National Trust property Tredegar House, an impressive 17th century mansion and parklands and home of the famous pirate who gave his name to the popular brand of rum – Sir Henry (“Captain”) Morgan.
If you are a parent to school age children, Newport has an impressive 44 primary schools, nine secondary schools and two SEN schools to choose from, four of which are Welsh-medium primary schools with one Welsh-medium secondary school and a number of faith schools. Charles Williams Church in Wales Primary School, Clytha Primary School, Crindau Primary School and Bassaleg School for ages 11-19 have all been highly rated by Estyn, the education and training inspectorate for Wales.
So there you have it, if a move to Wales is on the cards, you could do a lot worse than to consider Newport as your next home!
