Here is Property Options’ latest update on the Bristol Buy To Let (BTL) market – for December 2018.
This update is by economist Chris Worthington, who is a regular PIM speaker.
This month the theme of the Bristol Buy To Let Update is regeneration.
First a look back to Bristol more than 30 years ago. I moved from Bristol from London in 1984 to take up a job in economic development with the County Council. In London the new docklands development was well underway while much of the former industrial property on the water front in Bristol was empty and derelict.
Now almost all of that area has been developed with one of the former warehouses being refurbished to house the hugely popular “M Shed”, the new museum of Bristol. For one year prior to the opening of the museum I had the job of project co-ordinator, it was great to give something back to the city that I love.
Expansion over 30 years
In the last thirty years Bristol University and the University of the West of England have expanded to attract new talent to the city and support the growth of new technology companies. A recent report from consultants SQW said that “the Bristol City Region is cool, classy and supremely creative with the potential to rival US cities such as Boston and Seattle.”
The success of the universities and the local economy has contributed to the current annual growth in population of around 4000 people per year, although people are also attracted to Bristol by the lifestyle. Bristol was described as “creative and cultural powerhouse” by the New York Times – placing the city in the top 52 places to go to, in 2018.
Temple Quarter Enterprise Zone
The largest regeneration project is the Temple Quarter Enterprise Zone, centred on Temple Meads Station.
Since 2012 over 3,000 people have come to work in the Enterprise Zone. The target is 22,000 jobs over the lifespan of the project. The new urban quarter will provide a waterside environment with a range of housing and a new university campus. The City council is working closely with its partners, Network Rail and Homes England, to provide investment in infrastructure, a 21st century station at Temple Meads and a new transport hub.
In the latest phase of regeneration, the long awaited redevelopment of the former carriage works on Stokes Croft is underway. The building will be demolished before homes and retail units are built on the site by developer PG group.
The regeneration of Bristol continues to provide new opportunities and a choice of new property for buy to let investors.
Our Next Property Meeting
We will all be discussing the latest position on the property market in Bristol and across the UK at our next PIM on Thursday 31 January 2019 at Future Inn, Bristol, BS1 3EN.
We hope you will join us then.
For more info and to reserve your place Click Below