Southeast Wales’ Unitary Authority Area
Discover Newport's Real Estate
As per the 2011 census, Newport was the third-largest city in Wales. It has a population of 145,700 people. Newport makes up part of the Cardiff-Newport metro zone, with a total population of 1,097,000 inhabitants.
Culture, History, and Business
The city has been a port since the historical times when the Normans constructed the pioneer Newport Castle. The town outgrew Caerleon, a Roman town and awarded its first charter in 1314. Through the nineteenth century, it experienced significant growth. Newport was its country’s biggest coal-exporting port until the 1850’s. The docks declined in importance in the 20th century, but the city remained an important engineering and manufacturing hub. It acquired city status in 2002.
The unemployment rate in Newport is slightly above the UK average at 4.7%. experts are predicting a job growth of 33.3% within the next decade. The annual average income and annual median household income of a Newport resident are $26,407 and $53,482, respectively.
Real Estate Appeal
The housing properties in Newport are high in demand. This has led to a slight rise in prices over the years, but they are still lower than most of the other big cities. The average price of terraced houses in Newport is around £133,921. A semi-detached house can be purchased for £179,922.
Newport is experiencing a rise in the number of new-build houses due to the growing interest of investors. It is ultimately aiding in the increased prices of the properties.
Some landmark properties at the city center have been transformed into commercial office spaces and attractive accommodation. This is thanks to the over £17 million awarded by the Government of Wales to the City Council of Newport under the VVP scheme. The scheme is expected to bring in more investments in the future
The rental yields vary depending on different locations. However, the best performing areas offer a rental yield of nearly 7%. In 2019, rental yields at the city center were at a rate of 1.31% while outside the city center is 6.9%. The cost of renting a one-bedroom in the city center and outside the city is £525 and £475, respectively. Similarly, the cost of renting a three-bedroom in the city center and outside the city is £761 and £525, respectively.
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