Newport is an excellent place to invest in, whether you’re a homebuyer or a landlord looking for a profitable buy-to-let property.
It’s a popular area, which attracts a wide demographic of people. If you’re thinking of purchasing a house or apartment in this city, here’s some useful information to keep in mind.
The average price of a property in Newport (at the time of writing) is £193,605. This offers excellent value for money, as the UK’s national average is considerably more at £235,673.
Property prices have been steadily increasing in Newport for a long time now. They’ve gone up by an average of 33.77% in the last ten years, and have risen by 11% since their peak in 2017.
Sales continue to be strong, which indicates that prices will continue to rise steadily in the future. For example, recent figures show that 1,396 sales were made in the last twelve months, which demonstrates how buoyant the market is at present.
Newport is popular with renters, which means there’s plenty of scope for landlords to generate a solid rental yield here.
There are currently 116 properties available to rent in the area, with the average home being rented for £679 a month. Very few properties are being rented for under £250 pcm; most are in the £500 to £1,000 pcm price-bracket.
One- and two-bedroomed houses and apartments dominate the market, though demand is also relatively high for three-bedroomed properties. Apartments are slightly more popular than houses, and single rooms aren’t frequently available on the market.
The average rental rate has remained fairly constant since 2019 – impressive given the impact of the COVID-19 pandemic on the market. The area has seen a slight rise in the last two years, and the data indicates that the rental market will continue to perform strongly for the foreseeable future.
Substantial, multi-bedroomed houses usually command over £1,000 per month. However, it’s not always the larger properties that generate the highest rental rates. For example, an executive two-bedroomed apartment, in a sought-after location, is likely to be on the market for as much as £1,195 pcm.
Period homes usually come with higher rental rates too, but these are more expensive to buy – so landlords must review whether this is the best option or not. For example, a good-sized, more affordable modern property may well generate a similar rental yield.
If you’re thinking of buying a home in Newport, or purchasing a buy-to-let, it’s important to gain some insight into the current market. Get in touch with Freelancer Lets and Sales today – we’re on hand to answer all your questions about properties in this area.
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