With a robust housing market and strong economic activity, Bristol has been awarded ‘property hotspot’ status with property values in the city rising faster than any other in the country in 2016. (1) Here we explore why Bristol and the South West region is topping the desirability charts and why we think it’s such a high-potential property investment location.
In recent months, Bristol in particular has made the headlines receiving numerous awards and accolades recognising the city as one of the country’s most desirable places to live, work and visit – the “coolest city in Britain”, the “fourth best city to visit in the world”, no1 in the Sunday Times Best Places to Live Guide, the “happiest place to work in the UK”…the list goes on.
When reviewing property prices, Zoopla data shows that current property values in Bristol are almost 10% higher than the national average, and over the past five years, Bristol has seen 30% growth in property prices. (2)
What’s more, as testament to the city’s demand, Bristol properties have been reported to sell in half the amount of time of other cities, taking just 51 days compared to the national average of 91 days. (3)
As the capital of the South West, Bristol continues to present opportunities to deliver growth, both within the city and as the regional city of the South West. According to Savills, Bristol is in a good position to make the most of future growth opportunities both in its city boundaries and beyond. They have suggested that house prices in the South West will rise by 20% by 2020 which is 2.4% higher than the national average prediction. (4)
In additional to the positive growth in the city, Bath and North East Somerset saw prices jump 8.3% between June 2016 and March 2017 – one of the biggest increases in the UK, (5) and in the past three months and Zoopla data shows that house prices in the area are a staggering 48% higher than the national average. (6)
In Sedgemoor, the average price for first-time buyers reached £179,257 in May which is an increase of almost 11% from £161,986 in May 2016. West Somerset also saw an 11% rise in house prices since May last year. (7) The August 2017 RICS UK Residential Market Survey reports that house prices in the South West continue to grow despite an increasingly mixed picture across the UK housing market. (8)
It’s clear that the South West is one of the most dynamic and progressive regions in the UK. Topping the league tables with positive growth across the city and beyond, we believe Bristol, Bath and the South West has an incredible amount of potential, a thriving economy and a robust housing market, making it a strong property investment location.
If you’d like to find out more about our current South West investment opportunities, starting from as little as £10,000, please get in touch for an initial chat on +44 (0)117 422 0122 or email enquiries@hubb.co.uk
Sources:
- https://www.thesun.co.uk/money/2661292/bristol-is-latest-property-hotspot-as-house-prices-rose-faster-there-than-any-other-uk-city-last-year/
- https://www.zoopla.co.uk/market/uk/ and https://www.zoopla.co.uk/market/bristol/ (data taken on 15 Sep 2017).
- http://corporate.postoffice.co.uk/our-media-centre#/pressreleases/rate-of-sale-the-average-uk-property-takes-91-days-to-sell-1623400
- http://www.bristolreslet.com/BRLC/media/BRLC/investments/29.04.16/spotlight-bristol-cross-sector-2016.pdf
- http://www.devonlive.com/news/property/south-west-house-prices-up-477373
- https://www.zoopla.co.uk/market/bath-and-n-e-somerset/?q=bath
- http://www.somersetlive.co.uk/news/property/house-prices-first-time-buyers-269107
- https://www.rics.org/Global/8._WEB_%20August_2017_RICS_UK_Residential_Market_Survey_tp.pdf