Here is Property Options’ latest update on the Bristol Buy To Let (BTL) market – for October 2019.
This update is by economist Chris Worthington, who is a regular PIM speaker.
House Prices
The latest UK Cities House Price Index published by Zoopla and property market analytics company Hometrack reported a 2.2% growth in house prices in Bristol for the year to August.
This places Bristol 12th in the league table of the twenty major cities in the Index, the highest of all the cities in the South of England. The cities in the top half of the league table are all in the North of the England, the Midlands and Scotland.
Bristol is slightly above the average increase in house prices the UK of 2.1%. The average house price in Bristol is £283,000.
Bristol has been hovering in the middle of the Hometrack league table for several years, indicating a consistent year on growth in house price taking house prices in the city to 40% above the 2007 peak in average house prices in the UK. Only Oxford, Cambridge and London has surpassed Bristol in that metric.
Given the strength of the Bristol economy there is every possibility that this trend will give Bristol buy to let investors confidence that the value of their properties will continue to rise in the long term.
Homelessness in Bristol
So much for the good news but a recent edition of community newspaper The Bristol Cable reported that in the past five years homelessness in Bristol has increased to over 700 and the number of people sleeping rough in the city every night is over 80.
The Private Housing Team of Bristol City Council works collaboratively with private landlords, to assist in the provision of rented accommodation for people at risk of homelessness.
The council can provide a rent guarantee and a deposit bond of two months rent, plus tenancy support. Last year the team assisted over 160 households into rented accommodation.
Full details of the scheme are available in the autumn edition of Landlord News. To find out more and subscribe to Landlord News, call the team on 0117 352 1853 or email privatelandlords@bristol.gov.uk
Bristol based charity Happy City have produced a new set of new metrics for well being called the Thriving Places Index. This enables towns and cities to evaluate where they are performing well and where more progress is needed to benefit residents. All these factors affect the prospects for property investment returns.
Bristol has high scores for adult education, employment opportunities, culture, low per capita energy consumption and low CO2 emissions. The score on housing is about average – more improvements needed!
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 October 2019 at Future Inn, Bristol, BS1 3EN.
We hope you will join us then.
For more info and to reserve your place Click Below
Property Options Bristol
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