Bristol’s property market update
Bristol is the biggest city in the South West, unusually with both county and city status. As well as being a relocation hotspot, the electrification of the West Coast mainline means London will be truly commutable, with Temple Meads to Paddington slashed to 1 hour 20 minutes.
Property styles to suit everyone
The Bristol market is diverse, with a number of ‘quarters’ that each have their own individual appeal. The city centre and old city are a blend of eye-catching new builds (such as Electricity House, Invicta and Urban Splash’s Copper Building) waterside homes along the River Avon at Wapping Wharf, Harbourside and Bathurst Basin, and student lets serving the University of Bristol and UWE.
Clifton is favoured for Georgian and Regency period properties, views over the Downs and close proximity to the suspension bridge. North Bristol has a more family feel, with areas including St Andrews, Montpelier, Southville, Knowle, Totterdown, Cotham and Bishopston likened to ‘yummy mummy’ enclaves in London. Suburban chic and more rural charm can be found in Stoke Bishop, Sneyd Park, Leigh Woods and Abbots Leigh.
House price growth has been tamed
Although sold prices in Bristol have risen 10% since 2016, figures from property portal Rightmove show that any runaway rise in asking prices has been tempered, with overall prices in the city during the last year similar to that of the previous year. The average property price now stands at £310,903 – much cheaper than Bath, where average property prices are almost £450,000.
Although more affordable than neighbours, Bristol can still be classed as a premium city in terms of its property prices. A report released this year by Lloyds Bank looked at the UK’s most and least affordable cities, and Bristol did not make the cheap list. In fact, it took 11th spot in the Top 20 Least Affordable UK Cities 2018 league table, and also occupied 6th position in Lloyd’s Top 10 UK Cities with the Highest House Price Growth between 2013-2018.
Brisk rental returns in Bristol
With fundamental changes to the private rental market, landlords are increasingly looking outside London and South East for the best yields. The spotlight was shone on Bristol by a ‘Direct Line for Business’ study, which revealed the UK’s top local authorities with the highest rental yields. The City of Bristol was the 12th best authority, with an annualised rental yield between 2015-2017 of 4.5%, and a regional rental yield between 2015-2017 of 3.7%. This compares favourably to average rental yields in London (4.4%); the South East (3.7%) and the East of England (3.5%).