Recent events in the Newport property market have everyone looking to the city in anticipation of the next property boom.
A property in the Beechwood area on auction, sold for three times its auction price. According to Business News wales, a bidding war erupted and the property sold for £122,000 but had a guide price of £36,000.
The property is a scrubland site on Clevedon Road, close to Woodland Park, a very popular area.
Says Paul Fosh of Newport-based Paul Fosh Auctions: “The price achieved for this simple plot of land in Beechwood is amazing. There isn’t a building on the land or even planning permission.
The plot was certainly a star attraction of the auction with bidders neck and neck in their efforts to secure the lot. At times I wondered where the bidding was going to end.
The figure achieved may well indicate that the much commented on and predicted property price rise in Newport has finally arrived.”
Lloyd Reynolds from Luscombe and Co recently had a similar experience when an undervalued property led to a sale of £10,000 more than its original asking price.
“The buyer was advertising the property himself. After a valuation I told him he completely undervalued the price and could get £10,000 more at least. We put the property on the market and it sold within one day, for full asking price with a cash buyer!”
There are several factors contributing to the rapid rise in property prices in Newport. One of the main ones is the removal of tolls on the Severn Bridges which makes the properties more desirable for buyers and investors from Bristol and other areas.
We’re very excited to see what this means for the property market, many indicators show that the city is moving in the right direction with regards to property prices,” says Lloyd Reynolds.
If you’re looking to sell your property in Newport, now could be a great time to do so. Call Lloyd on 01633 265222 for a no obligation , free property valuation.