Newport in south Wales has been named as the fastest moving property market, with homes selling in an average of 52 days, Rightmove claims.

The portal’s analysis shows time on the market in the Welsh town dropped from 76 to 52 days over the past year.

Miles Shipside, housing market analyst for Rightmove, said the upcoming scrapping of Severn Bridge tolls and priced-out buyers from Bristol have led to a surge in buyers flocking to Newport with agents reporting lengthy buyer waiting lists.

The demand has led to a 37% year-on-year drop in available properties for sale in Newport and a £12,000 rise in asking prices, making it the fastest moving market in Great Britain compared to a year ago.

Oldham was the second fastest moving market, where there has been a 35% drop in supply and time on the market has fallen from 101 to 76 days.

Across Britain, total available properties for sale is up 2% on the same time last year, while the average time to secure a buyer is one day quicker than this time last year, at 66 days.

Shipside added: “A number of areas in the top ten have had asking price rises of 4% or more over the past year, so home owners who may be considering coming to market in these areas or those nearby could find that now is the time to make the most of the increased activity.

“At a national level, the number of available properties for sale is higher than this time last year, albeit by a modest 2%, meaning there are still many places where new supply just can’t keep up with the demand.”

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