Here is Property Options’ latest update on the Bristol Buy To Let (BTL) market – for January 2019.
This update is by economist Chris Worthington, who is a regular PIM speaker.
Bristol City Council Plans
For many people Christmas is a time to reflect – whereas when the new year comes around it is time to start planning for the future. Chris was pleased to find two documents published by the city council that will help buy to let investors develop long term plans for their business.
Here is a summary of what the council had to say about working with the private rented sector.
The executive summary of Bristol’s Housing Strategy 2016 – 2020 states that:
“The delivery of new housing needs to be prioritised. In addition there is still much that needs to be done to improve the city’s housing stock including improving management standards in the private sector.”
“In a challenging economic environment people need good information, advice and support in order to obtain a tenancy and maximise their success as a tenant whether in social or private rented sector housing.”
Bristol City Council’s Housing Delivery Plan 2017 – 2020 states that:
“Bristol is a prosperous city but there is a considerable and growing housing challenge within the city. The Mayor of Bristol has set out a commitment of building 2000 new homes, 800 affordable per year by 2020.
Over the last five years there has been an average of 1381 new homes completed per year of which on average 12.2% or 169 per year were affordable. A new approach is therefore necessary to increase the delivery rate.”
“The housing delivery team will accelerate delivery by obtaining planning permission on council owned sites and working with community groups, self – builders, small and medium sized builders and community land trusts to unlock the potential of smaller residential sites.”
How Should Landlords and Buy to Let Investors Respond?
There is little doubt that Bristol has a long term under supply of housing, in common with every city in the UK. The council’s plan to improve housing delivery is therefore a very welcome development. Buy to let investors and landlords need to continue to play their part in housing residents of the city by providing good quality accommodation for a reasonable rent and complying with the housing regulations.
For more ambitious investors the council’s plans highlight the opportunity to get involved with new housing development. If you haven’t already got a new year’s resolution give it some thought!
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