Bristol is a place you should look forward to buying property in the UK. Most people prefer living in Bristol because of its stable economy.
The popularity of Bristol in the South West and the steady employment is the reason for the surge in property prices. For instance, in 2011, the property prices in Bristol were £189,064, which increased to £313,978 in May 2021.
Property experts believe that property prices in the UK will likely fall in 2022, even as the cost of living goes up. It is estimated that property prices in Bristol could fall by 5%, or even lower than in 2023. Hence, this is the best time to buy properties in Bristol according to leading Bristol conveyancers such as AVRillo.
The UK’s inflation rate went up by at least 9% in April. This hit most consumers hard, as the price of essential commodities such as food, petrol, and energy soared.
This could impact property prices come 2023. UK property prices are already falling from the record highest and transaction levels too – the growth of house prices is slowing and could come down even further next year.
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Property prices in Bristol
In 2022, the Bristol housing market will be highly competitive. Most homes in Bristol receive at least six offers and sell within 35.5 days. According to Rightmove, Bristol property prices for the last 12 months were £370, 944, with a majority of property sold being terraced houses.
A terraced house in Bristol goes for £268,376. The price per square foot in this city has increased by at least 10.9% since 2021.
Bristol is a place every family wants to live in the South West. This city is highly populated and the 11th largest in the UK. It was named the best city to live in for 2017 and 2014.
Bristol has become a property hotspot in the UK because of many factors: the thriving art sector, the stable tech and creative sector, population growth, and increasing rental demand.
Rental prices in Bristol are rising fast.
Bristol is a city in the UK with affordable rent. According to a rental report by Zoopla, the average cost of rent in Bristol is £962 per month – an increase of 4.5% for the last 12 months. The rent in Bristol is the second–fastest rising after Nottingham.
The national average for rent in the UK is £876 according to Zoopla’s Q3 2019 report. This indicates a 1.3% growth from last year and up to two percent annual growth. Bristol is still one of the least expensive cities to rent a house. According to a recent report by Zoopla, it takes 38% of a single earner’s income to cover the rent in this city.
Why invest in Bristol property
Bristol is the right place for you if you’re planning to buy property in the UK this year. There are reasons why you should consider buying property here:
- A thriving economy: Bristol is an economic powerhouse in the UK, generating at least £32 billion yearly. This city is expected to witness steady economic growth of 3% in the next ten years.
- Business and industries: there are a lot of industries and businesses in Bristol. Several firms have been opening their offices in this city in recent years.
- A place for startups: Bristol has the highest startup survival rate of 60.6%. It is a loved tech hub in the UK, and owning property here means you become part of the UK’s success.
Bristol is a place you should consider buying property in the UK. The rental price in the city is a bit low compared to its neighbors. However, property prices are likely to increase steadily in 2023 and beyond.
When buying property in Bristol, you should hire a conveyancer to guide you. A property solicitor or a conveyancer will help you with search, due diligence, and drafting contracts.