Why has Bristol become a property hotspot?
Bristol is one of the best and most exciting places to live in the UK – in my opinion. The property market has grown at an incredible pace over the last decade (and beyond). That’s a visible indication of what Bristol has to offer for people from all backgrounds and circumstances.
As a chartered surveyor working for GB Home Surveys covering the Bristol and Bath areas, I help would-be buyers understand the condition of a property they’re interested in.
In this article, I’ll explain why Bristol has become such a property hotspot.
What has happened to Bristol house prices?
I’ve had a first-person perspective as the Bristol property market has taken off like a rocket. It’s such a popular area, and home surveys are always in high demand.
CMC Markets released a study showing that house prices in Bristol have almost doubled since 2012. Specifically, they’ve found that the average value increased by 95%, from £174,000 to £338,000. That’s a significant increase and a potential goldmine for investors and anyone looking for secure assets.
The most popular areas for growth are in and towards the city centre. Some terraced and semi-detached houses have grown exponentially in value over
the past decade or two, and detached homes are all the rage. In fact, data from Rightmove shows that many properties have tripled or even quadrupled in value since the early 2000s.
What’s so appealing about Bristol?
I love living in the area around Bristol and Bath. It’s pretty unique in the UK, with instant access to both city life and the countryside.
Unlike London, you don’t have to travel too far from your doorstep before reaching the rolling countryside of the Cotswolds or Somerset. It’s only a little further to the Malvern hills or Devon and Cornwall. We’re surrounded by farming country. There’s always somewhere to go and get some fresh air.
At the same time, Bristol is one of the largest cities in the UK. It has a population of around 470,000, making it somewhere around the ninth-largest (in terms of capita). It has a bustling city life, popularised by the two universities (the University of Bristol and, a 15-minute drive away, the University of the West of England). The city centre offers a high-value, competitive place to work and live.
I’ve also met many people coming here to live who still commute to London. A quick jump to the northeast, and you’ll hop onto the M4. From there, it’s a 100-mile straight shot to the capital. Of course, you could get the train too – it’s much quicker (heading to Paddington in an hour and a quarter) and, these days, isn’t much more expensive.
In short? I’d say Bristol has it all.
What’s likely to happen to the Bristol market in the coming years?
I find predicting the future of the property market somewhat challenging at the moment. We’re all well aware of the cost-of-living crisis, the impacts of Covid lockdowns and Brexit, as well as the ongoing war in Ukraine. The recession predicted by the Bank of England has probably been coming for some time now.
The only thing that seems relatively inevitable is that the next few months and years will be tougher than they have been. It’s unrealistic for me to predict a rise in house prices – mortgage rates are choking buyers out. However, a complete market crash in Bristol is also improbable. As I’ve explained, this is a desirable area. It’s one of the highest-growing parts of the country.
If I had to make an educated guess, I’d expect growth to slow or stop over the next year. House prices might even dip slightly. However, I’m sure they’ll be back to increases in the long run.
The housing markets across the entire country are unsettled right now, but they aren’t unstable. Bristol is likely to buck the trend somewhat because of its greater desirability. However, all we can really do is wait and see, and remember that everything will sort itself out eventually.
Is now a good time to buy in Bristol?
The slowdown in growth might allow more buyers into the Bristol property market than otherwise. This could present an opportunity for the right people.
Now could certainly be an excellent time to buy. However, I recommend taking a cautious approach. Mortgage rates are set to rise. With inflation still hammering us, a looming recession, a cost-of-living crisis, and general economic uncertainty, it’s crucial to be prepared for the future. Don’t overstretch your finances right now. Bristol will still be here.
If you’re considering buying in Bristol, I’d be happy to conduct a home survey for you. These involve an inspection, checking for any signs of common (and not-so-common) problems. I’ll then compile everything into a detailed report, so you have a clear view of the property’s condition.
A home survey is more essential than ever, since it helps protect your investment. It could also uncover serious issues and lead to you withdrawing interest.
If you’d like to discuss home surveys, fill out the form below and ask to speak to me. I’m always happy to have a friendly chat (commitment-free!) about what you need. I look forward to hearing from you.
Martin Taylor MRICS
