Boost for Newport as Severn Bridge tolls due to be abolished
Posted October 2018
Removing the Severn Bridge tolls in December will provide a welcome boost for Newport.
Councillor Debbie Wilcox, Leader of Newport City Council and chair of the public services board One Newport, welcomed the announcement that the tolls on the Severn Crossings were being removed earlier than expected.
“Newport’s location is perfectly poised to take advantage of the increased opportunities this will bring to businesses that are already located here and those that would like to set up in the city but may have been deterred by the additional costs of using the bridges,” said Cllr Wilcox.
Earlier this year property portal Rightmove named Newport as the hottest property market in the whole of the UK – and news about removing the tolls was credited with this trend.
The abolition will also have a positive impact on Newport as a location for industry and in particular the distribution sector as the tolls put a significant cost barrier to hauliers on warehousing this side of the bridge.
Demand for industrial units has been steady and with limited supply has led to growth in prime rents and capital values.
The residential market has also seen a demand and prices have risen significantly. This is likely to continue as purchasers from Bristol and surrounding areas, who have been priced out of their local markets, are moving into the Newport area.
There is plentiful supply of housing land to take advantage of this positive demand.
More than 900 homes a year have been built over the past three years with the local authority approving schemes across the city with new housing sites on the east side of Newport attracting significant interest from buyers from across the Bridge.
All housing growth in Newport is planned and approved in accordance with the council’s adopted Local Development Plan (LDP).
The LDP ensures housing growth is also accompanied by appropriate infrastructure, community facilities and jobs growth as well.
With the regeneration of the city centre and the creation of major employment sites in addition to residential sites, the council is working to ensure that Newport is a great place to live in and a great place to work in and does not simply become a commuter city for neighbouring Bristol or Cardiff.
Newport is a city in its own right which is experiencing sustained growth which will in turn boost the local economy.
The abolition of the Severn Bridge tolls is playing a large part in this.