The Property Options’ Bristol Buy To Let Market Update
This update is by economist Chris Worthington, who is one of the speakers at our upcoming February PIM.
Hometrack, the residential property market analysts, have recently published the results of the UK Cities House Price Index for 2016.
This shows Bristol at the top of the league table for house price growth in the 20 major cities of the UK with an increase in house prices of 9.6% in 2016 and an average price of £262,000. Manchester at 8.9% and Oxford at 8.1% were second and third in the league table and London was seventh at 7.3%.
However there are signs that the rate of house price growth in Bristol is slowing down, the increase in the last quarter of 2016 was 0.7% whereas the quarterly rate of increase in Manchester and Oxford was 2.5% and 2.6% respectively.
The latest edition of the Rental Index published by Homelet, reports that in the UK as a whole the second half of 2016 rents has seen a considerably slower rate of rental growth compared to 2015.
The average rent for the UK was around £890 pcm, 1.7% higher than the same period in 2015. Average rents in Bristol are higher at around £1260 pcm.
Local property agents remain confident about the future of the Bristol property market and confidence in the Bristol market on the part of investors and developers remains high.
Developments are underway at The Ironworks, part of the “The General” development at Guinea Street and Burwalls House, a period building on the far side of the suspension bridge. Development on the waterfront has continued with the Huller and Cheese conversion of two industrial building to 50 contemporary one, two and three bedroom apartments overlooking Bristol’s Floating Harbour.
Away from the city centre a former chapel in Fishponds is being converted to 18 apartments by Jupiter Homes and at Old Market the regeneration of the former Brassworks will provide 14 new apartments in a development by regeneration specialists Regen. These constitute a welcome reuse of older buildings for residential accommodation and buy to let investors will be interested to note that development is getting underway in locations away from the city centre where property will be cheaper to purchase.
Despite the high level of new developments local agents report a continuing shortage of property on the market and the high level of demand means that property in Bristol sells quickly.
However for buy to let investors who are willing to move fast, there are good returns to be had in areas of the city where property is still moderately priced.
We will all be discussing the latest position on the property market in Bristol and across the UK at our next PIM, on 23 February 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