High Rental Demand
As mentioned, Newport was crowned as the UK city with the most demand for rental property in 2020, and according to the 2021 census, the population has grown massively.
This unassuming Welsh town-turned-city seems to have proved itself an attractive place to call home, and the rental demand is proof of that. So, what’s so great about Newport?
This year, it was ranked as the second most desirable city in the UK, based on several factors such as affordability, healthcare, and broadband coverage.
As previously mentioned, the city is an excellent place for commuters to live due to its location, lower cost of living, and great transport links. This demand from commuters seems to be driving the area’s popularity as a property hotspot.
Newport is a convergence point for many transport networks as it is one of the first major urban areas passed through when entering Wales from South England. These excellent transport links are a big bonus for renters looking to commute.
For example, Newport has been found to be the best value place to reside for those commuting into Bristol, with frequent direct trains and a journey time of just 31 minutes. It also offers good access to Cardiff, which is just a 25-minute drive away. This is a great area for Property investors as is looking at investment property for sale in London.
The removal of the tolls on the River Severn caused a surge in Newport’s population, leading it to be named the fastest-moving property market in the UK in 2018.
Newport sits on the M4 Corridor that runs from London to South Wales. This stretch is known as a home to many technology companies and is sometimes referred to as the UK’s answer to Silicon Valley.
It is the main route into South Wales from England, connecting London, Slough, Bracknell, Maidenhead, Reading, Newbury, Swindon, Bath, Bristol, Newport, Cardiff, Port Talbot and Swansea.
This makes Newport especially well-placed commercially and a convenient residence for many types of commuters to various towns and cities.
Major regeneration projects have been implemented across Newport, with the City Council calling it ‘one of the most significant regeneration programmes in the UK’.
Ambitious projects can be found in various parts of Newport, including £24 million set aside for an overhaul of Ringland, one of the most deprived areas in the region. In another impressive project, a whole new sustainable suburb called Glan Llyn was created on the grounds of the former Llanwern Steelworks. Work started in 2004, and it is now a fully functioning community. It continues to be improved upon even now and is slated for completion in 2028.
In 2018, the City Centre Masterplan was announced, targeting three large areas of central Newport with short-term, medium-term, and long-term projects. For example, £90 million was spent recently on regeneration efforts around Friars Walk shopping centre.
Work has also begun on a long-term project by Newport City Homes to revitalise the Pillgwenlly area, locally known as Pill.
This future-thinking and generous property investment means that Newport property is set to grow in value over the next few years and likely continue to attract even more rental demand.
For more on sustainability in property investment, see our overview of Manchester Regeneration Projects.