THE housing property market remains buoyant in Gwent with a resurgence in recent months says the managing director of a recently-launched Newport-based estate agents.

Howard Bowes, managing director of Harvey Bowes Real Estate, is confident the housing market has weathered a storm created by the short lived prime minister Liz Truss.

Mr Bowes, aged 46, a native of Newport, said: "The property market in Newport somewhat slowed in September/October last year as a result of “Trussenomics” and the increasing interest rates. However, the market has shown resilience to post Truss rate rises and we have seen a resurgence in the latter part of Q1 which has continued through Q2.

"On a national scale it is reported inflation has fallen from double digits and the latest reports state 8.7 per cent, while that is still high, it is going in the right direction.

"That is reflected in the opinions of the Monetary Policy Committee - two of the nine voted not to increase rates at the last meeting which is a change from previous meetings over the past 12 months.

"This indicates the market is settling and that there is increasing confidence despite the challenges that inflation brings."

Mr Bowes said: "The local market in South Wales has remained buoyant. We have seen an increase in enquiries recently and we are finding that properties are selling fast, almost as soon as we have them on our books.

"As an illustration some 75 per cent of the properties we have marketed this year have either completed or under offer and progressing with sales agreed at asking price or very close to it. And we eagerly seek more home owners looking to sell."

Local entrepreneur and business owner Mr Bowes, who is also managing director of Newport city centre based Harvey Bowes Financial Services, says he is pleased with the reception into the market of the new property agency.

He said: "I launched the new property business as I firmly believe that the industry, locally, could do with a good shake up. We're providing an 'alternative service' and this appears to be going down well with customers.

"We developed a strong Harvey Bowes brand and we're passionate about having that represented in our new property business. Harvey Bowes is well-known and this knowledge and familiarity has worked in our favour with the launch of the real estate business."

He said initially the estate agency will cover Newport and the surrounding area but there are plans to expand this in due course and to recruit additional staff before the end of the year, opening a second branch staffed by a new team in March 2024.