Here is Property Options’ latest update on the Bristol Buy To Let (BTL) market – for September 2018.
This update is by economist Chris Worthington, who is a regular PIM speaker.
Bristol – jobs outlook
The Bristol Chamber of Commerce have recently commented on the fall in the number of EU nationals working in the UK. Approximately 86,000 fewer people from the EU are now employed in the UK compared to the same time last year. The Bristol Chamber described the situation as “worrying” with an increase in unfilled job vacancies.
A report entitled “The Population of Bristol” published in July 2018 by Bristol City Council, reported that “the EU referendum is likely to be one of the key drivers of population change. The number of people immigrating for a definite job offer has remained stable but there has been a 43% decrease in the number of people immigrating to look for work over the last year especially for EU citizens.”
Most recent immigrants live in the accommodation in the private rented sector (PRS). It therefore seems likely that Brexit will reduce demand in the PRS. By how much is difficult to quantify and it will depend on the final deal between the UK and the EU.
Turning to more positive news, Bristol features highly in a new national index for the sale of property using data based on the number of houses sold.
This has been devised by “The Advisory”, a website offering advice for home sellers. The postcodes of BS3 (Bedminster and Southville) and BS5 (Easton and St George) are in the top ten hotspots in the UK for house sales.
Investors looking for higher yields in Bristol should focus on the BS2 postcode (Kingsdown, St Pauls and St Philips) – where according to a report published by Totally Money in July 2018, the average rental yield is 7.9%. The downside is that currently there are only around 40 properties available to buy in the BS2 area.
The latest news on property development in Bristol is also positive, here is a summary:
- Blackberry Hill, a new development in Fishponds by Lindon Homes of 2,3 and 4 bedroom homes was launched on 25th
- Bristol based developer Cubex has bought the former HQ of Avon Fire and Rescue in the city centre. The £136 million development will include over 300 homes that are likely to be for the rental market, 20% of these will be affordable.
- The General, a redevelopment of a former hospital site by specialist heritage developer City and Country offers stylish converted character homes within the original listed buildings. It will be home to a collection of 205 one to four bedroom new and converted apartments and houses.
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 27 September 2018 at Future Inn, Bristol, BS1 3EN.
We hope you will join us then.
For more info and to reserve your place Click Below