Here is Property Options’ latest update on the Bristol Buy To Let (BTL) market – for February 2019.
This update is by economist Chris Worthington, who is a regular PIM speaker.
Bristol Market Outlook
A recent article in Bristol Property Live (www.bristolpropertylive.co.uk) reported that leading local property agents remain confident that Bristol’s housing market continues to be a buoyant place for both buyers and sellers.
Andrew Morgan, director at Hollis Morgan, reported a busy 2018 with only development sites registering any discernible downturn. He predicts that the market will bounce back once there is certainty about Brexit at Westminster.
Edmund Dodds, partner at Hydes of Clifton, commented that “during political uncertainty the property market is the first thing to stall” adding that “surveys quoted in the media often refer to different regions of the UK and properties in Bristol are more likely to retain their value.”
Mark Leese, director at Leese and Nagle, commented that the market is slower since Brexit was announced, but some of this is down to undue pessimism. He added that giving customers more knowledge of the housing market can give a reassuring and nuanced image far removed from sensationalist national press headlines.
The confidence of local agents in the Bristol property market is mirrored by strong interest in the city by property developers.
The most recent major scheme to get underway is Castle Park View, a 26 storey development on the site of a former ambulance station in the city centre. The land is owned jointly by the City Council and Homes England, the governments housing and regeneration agency.
The project brings together from funding from M and G Real Estate and Yarlington Housing Group, a housing association.
It will provide a total of 375 apartments. M and G Real Estate will own and manage 300 apartments for private rent, Yarlington Housing Group will take ownership of 75 apartments also for rent.
The building will bring together two aspects of Bristol Mayor Marvin Rees’s approach to housing in the city – tall buildings and the provision of affordable housing in private sector led schemes.
The longer term potential of Bristol for new investment in a wide range of projects is set out in a guide published by local investment promotion agency Invest Bristol and Bath.
This includes an outline plan to develop the Cumberland Basin with the potential for a new road system and 3500 homes plus commercial and leisure space.
75% of the land is owned by the City Council, we live in interesting times.
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 28 February 2019 at Future Inn, Bristol, BS1 3EN.
We hope you will join us then.
For more info and to reserve your place Click Below