Here is the latest edition of the Property Options’ monthly update on the Bristol Buy To Let (BTL) market.
This update is by economist Chris Worthington, who is a regular speaker at our PIMs.
Council Report on the Bristol Housing Market
Bristol City Council have recently published a report on the Bristol housing market. It provides some background information for landlords and Buy to Let investors.
Here are some of the main findings in the report:
- The tenure split for housing in Bristol is 18% social rented, 53% owner occupied and 29% privately rented. By comparison, in 2001 the private rented sector was 12% of the total.
- The average house price in Bristol is around £260,000, approximately 18% higher than the UK average.
- The purchase price of the lowest cost homes in Bristol is over 8 times the average annual earnings of the lowest paid employees.
- The target for the number of new dwellings to be built from 2006 – 2026 is 26,400 – giving an annual target of 1320. Since 2006, 17,886 new dwellings have been built, approximately 1700 per annum.
- The number of right to buy sales has increased in recent years. The average per annum for the past three years was 185, compared with 42 per annum in 2008.
- The average rent for flats and houses in Bristol is approximately 27% higher than the average for England. However the rents for single rooms and studio apartments are comparable with the average for England.
The report is a useful summary of the Bristol housing market. It confirms that rents and house prices in Bristol are above the average for UK and that affordability is likely to be difficult for some home buyers and tenants.
The more positive finding in the report is that the number of new homes being built per annum is above the target. If this is sustained over time, it will improve the housing supply.
Nationally the supply of new housing continues to lag behind demand, by at least 50,000 units per annum.
Following the publication of the White Paper on Housing by the government in January and recent statements by the Prime Minister and members of the cabinet, it seems likely that more funding will be made available to local authorities for social housing.
Meanwhile as with many other endeavours, the supply of new housing in the wonderful City of Bristol is ahead of the curve!
We will all be discussing the latest position on the property market in Bristol and across the UK at our next PIM on Thursday 26 October 2017 at Holiday Inn, Bristol City Centre, 6-9 pm.
We hope you will join us then.
For more info and to reserve your place Click Below