There was good news for people living in the south west back in January, when the toll on the Severn Bridge crossing was reduced by 26%. Now the two bridges are back under public ownership, the government’s looking to scrap the tolls completely by the end of the year. So might South Wales now be a tempting alternative for homebuyers working in Bristol without a big budget? In TwentyCi's Property and Homemover Report for Q1, we decided to take a look and do a few sums.
We started by calculating the average property price in the Bristol area – that’s anywhere with a BS postcode. It came in at £320k, a not insignificant figure. We then worked outwards from the city centre, comparing drive times and property prices beyond the BS postcode, including across the bridge in South Wales.
Limiting the commute to 60 minutes, there are 14 postcodes where house prices are at least £100k cheaper than Bristol, nine of which are in South Wales. Desirability of course is another key factor, but we found plenty of very desirable homes in and around Cardiff, Newport and Monmouthshire that would save you over £100k compared to Bristol. For those seeking waterfront properties, Cardiff Bay is a tempting option, while villages like Undy and Magor offer an escape from city life.
Finally, we looked at the saving per mile of commute to Bristol. There are 15 districts where the saving is above £2.5k per mile, 11 of which are in South Wales. The top saving came in at over £6k per mile, with places like Bishpool and Beachwood in eastern Newport offering a considerable saving when compared to living in Bristol itself. So heading into 2019, working in Bristol but living across the border could deliver a substantial saving for homemovers. Perhaps even more significantly though, it could even start to change the economic landscape in South Wales...
To read more from our Property and Homemover Report Q1 2018, click here.