Bristol continues to be the place to go for Londoners relocating from the capital to take up well paid jobs in Bristol’s vibrant economy.
The other main attractions are a more relaxed lifestyle and the opportunity to buy a larger property because of significantly lower prices.
According to a recent report in the Financial Times the average price of a terraced house in Bristol is £292, 000, 40% cheaper than in the capital. The report also highlights the trend towards commuting to London by train with a journey time of 90 minutes This is an attractive proposition for people in jobs where going to the office is only required for two or three days a week, a trend that may continue when the COVID -19 crisis is over.
Bristol will also appeal to freelancers who work from home in the creative industries – sectors such as the media, marketing and publishing. The city’s creative vibe will be an additional benefit with the opportunity to develop local contacts and freelance work here.
Working From Home Trends
Working from home is a win/win for employers and employees and it seems certain that home working will continue on a large scale when the COVID – 19 crisis is over.
This presents an opportunity for buy to let investors (BTL) to invest in home office facilities in their properties.
This need not be a custom built new room, some fairly minor upgrades would help to let the property and increase the rent. New power points and an upgrade in the lighting would be a good start plus new shelving, new flooring and redecoration. Investors could also consider the cost of including a broadband connection in the monthly rent not least for business continuity when the new tenant moves in.
Similar facilities are already available to tenants in new “build to rent” developments that are being built in Bristol and other major cities and in order to compete in future BTL investors may need to offer the same.
The best locations in Bristol for the working from home market in Bristol would probably be close to Temple Meads station such as Old Market and Totterdowm.
Southville and Bedminster could also be good locations. Currently Bedminster has relatively low property prices and in the long run it will benefit from the smartening up of the Imperial Arcade and the surrounding streets.
Our Next Property Meeting
We will all be discussing the latest position on the property market in Bristol and across the UK in the light of Covid-19 at our next PIM. We’ll be arranging this when government guidelines indicate that it is safe to do so.
We hope you will join us then.
For more info please Click Below