Here is Property Options’ latest update on the Bristol Buy To Let (BTL) market – for June 2019.
This update is by economist Chris Worthington, who is a regular PIM speaker.
Management Today Ranks Bristol Top
Bristol has been named as the UK’s second best city outside London 10 in a league table that rates major urban centres on their appeal as a location for knowledge based companies.
The ranking of 21 towns and cities complied by Management Today magazine was topped by Manchester with Bristol not far behind, Leeds came third.
Management Today said that the panel of expert judges who produced the final scores were “impressed by Bristol’s dynamic culture of talent and innovation that has established its reputation as a sustainable forward thinking city with a highly skilled workforce.
Bristol has the second largest digital tech cluster outside London and Manchester and will soon to be one of Channel 4’s new creative hubs.
More People Moving To Bristol
The latest figures have shown that more than 80 people a week are moving from London to Bristol.
According to the most recent figures from the Office of National Statistics and reported in the Bristol Evening Post, a total of 4,210 people moved from London to the City of Bristol in a 12 month period.
Those figures were the most recent available for a period between mid – 2015 and mid – 2016. It’s an increase on previous years and it is likely the figures have been increasing in the 18 months since then.
Bristol’s BTR Growth
Bristol’s knowledge based economy and population are growing fast. Many of the people driving this growth will be seeking the type of accommodation provided by the build to rent (BTR) sector.
One of the first of the BTR rents planned in Bristol was recently launched at Finzels Reach, opposite Castle Park in the city centre.
This development of 194 apartments is operated by London based Grainger, the UK’s leading provider of rental homes. It benefits from a range of amenities including a gym, a resident’s lounge, a dining room and roof terrace, bike storage and co – working space.
It is expected that around similar 2000 BTR apartments will be built in Bristol over the next two years.
What are the implications of this for the buy to let (BTL) investors?
More traditional property, such as three bed house in a suburban location, will not be attractive to the young media professionals moving from London.
More likely possible tenants are students, couples with children and older people.
One possible niche market are environmentally aware tenants who are looking for low energy consumption including solar panels and a well maintained garden.
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 25 July 2019 at Future Inn, Bristol, BS1 3EN.
We hope you will join us then.
For more info and to reserve your place Click Below