The Bristol Buy To Let Market Update from Property Options – September 2016
The trend for new investment in housing reported in our August Bristol Buy To Let Market Update has continued reflecting investor confidence in the local residential market. These are some of the latest developments:
- Apartments at Number One Bristol, Lewins Place, BS1, consisting of a conversion of two office blocks to residential use, are being marketed by Savills
- St Lukes Hall, a former school in William Street, Bedminster is being converted to 14 new apartments
- Seven eco–friendly town houses are being built in St Annes by Bristol based Sustainable Britain, a division of housing association Connolly and Callaghan.
The growth in house prices in Bristol has also continued. The latest House Price Index published by property market analyst Hometrack places Bristol at the top of the league table of twenty cities in the UK with an annual growth in house prices in August of 13.1% compared to the average of 7.4%.
However there are signs that the growth in house prices in Bristol is slowing down. The quarterly growth in house prices in Bristol was 1.7%, just above the average of 1.6% in the twenty major cities.
The rental market in Bristol continues to be buoyant. An analysis of the rental market in Bristol from the Home.co.uk website highlights the following statistics:
- 969 properties are currently available for rent
- The median rent for a three bedroom house is £1100 pcm
- The average time on the market for a 3 bedroom house is 48 days
The equivalent figures for nearby Cardiff – a similar city in terms of size, local economy, student population and waterfront development are as follows:
- 1331 properties are currently available for rent
- The median rent for a three bedroom house is £895 pcm
- The average time on the market for a three bedroom house is 77 days
This comparison suggests that Bristol has a more dynamic rental market than Cardiff – but how does it compare to London? Rents in London are of course much higher at around £2817 pcm month for a three bedroom house, but surprisingly the average time to market is much higher in London at 110 days compared to 48 days in Bristol. As every buy to let landlord will know voids are not good for business!
With a high level of capital growth and strong local demand for rented property, Bristol’s success story for buy to let investors seems set to continue.
We will all be discussing the latest position on the property market in Bristol and across the UK at our next PIM on 27 October 2016 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