According to a recent report from Hometrack UK, the Bristol property market is booming.
Property values in Bristol increased by 9.6 % in 2016, which is the highest house price growth in any UK city.
Clearly the Bristol property market, with an average house price of £261,600, means there is even more demand on top of an already popular city.
What’s even more notable was in a year when preppy prices were considered ‘subdued’, Bristol still bucked the trend and looks like it will continue to do so.
Let’s take a look at the main factors that are driving the Bristol property market so positively upwards.
With London and other other cities having excessively high house prices, investors have been looking further afield with long term potential, good infrastructure and strong potential for economic growth.
The Bristol property market fills all that criteria and more, with inward investment and a strong track record in regeneration projects over recent years.
Regeneration and Infrastructure
Shopping and office space demand is still high, and the upcoming Bristol Temple Quarter development will reputedly attract over £100 million and 17,000 jobs.
Educational infrastructure is also growing, with the University of Bristol’s new campus in the Temple Quarter Enterprise Zone. This project alone was valued at over £300 million, and will no doubt bring in even more property demand for student accommodation and rentals.
Transport is also improving with over £200 million being invested into a MetroBus network in and around Bristol.
In addition to the property boom, Bristol has also recently been voted by The Sunday Times as “the best place to live in the UK”, which has also helped created interest in the Bristol property market.
Quoting Bristol as “cool, classy and supremely creative” sums up why they acknowledged culture, schooling, dining, redevelopment and community spirits as positive factors in Bristol’s success.
As the economy has grown in confidence, so has the affordability of cheap finance. This, coupled with the strong jobs market in Bristol and a slight undersupply of housing has led to even greater demand and interest in the localproperty market.
Forecast for the Bristol property market in 2017
Confidence is high, as well as hopes, for the Bristol property market to continue it’s ascendancy through 2017.
It is expected that purchaser demand will remain high in and around Bristol.
One concern is that house prices rising faster than salaries will mean more competition on price for developers, especially with new developments coming to making increasing supply.
So, in summary, whilst Bristol is currently the hot spot in the UK for demand and rising house prices, now is the time to act whilst the opportunity is available and prices are reasonable.
Remember – you heard it here first – get in now on the Bristol property market!