News

The Future's Bright for the Bristol Housing Market

6 Feb 2014

A combination of sky high demand and a shortage of properties on the market has seen the average cost of a house in Bristol rise by £10,000 over the last 12 months.

 

And leading estate agents are expecting the market to follow the same trend over the coming 12 months, thanks to the large number of people looking to get onto the property ladder.

 

The news comes as work on a major housing development on Bristol's Harbourside got under way which will see around 400 new homes built at Wapping Wharf.

 

A combination of Government schemes aimed at helping first-time buyers onto the property market and the continued popularity of Bristol as a place to live and work has helped to fuel demand.

 

The research has been carried out by estate agent Allen & Harris which found that the average Bristol home was worth just over £208,000 in December, an increase of £10,067 in the last 12 months.

 

According to the estate agent there has been a 41 per cent increase in the number of people looking to buy, but over the same period there was a four per cent drop in the number of properties for sale here.

 

Matthew Barrett, from Allen & Harris, said: "The property market in Bristol is extremely buoyant, as those who were previously unable to secure finance are coming to the market with a strong appetite for home ownership, which is proving insatiable.

 

"Low mortgage rates and the new institutional confidence to lend to first-time buyers are fuelling this demand. New buyer registrations increased by 41 per cent annually in December 2013, while the supply of property decreased by four per cent, driving up property prices by six per cent.

 

"If this discrepancy continues Bristol's property prices will rise further in 2014."

 

He added: "We are seeing harbour- side properties snapped up in record time and a significant increase in the appeal of city centre living, particularly among students and young professionals.

 

"Areas such as Clifton and Bedminster are experiencing their own mini booms, so it's all go for the market in Bristol and the outlook for 2014 is very bright indeed."

 

Meanwhile, the average UK house price has increased by 15 per cent over the last 12 months to £217,986. Prices increased by £27,991 since the start of the year as a result of demand out-stripping supply.

 

Mr Barrett said: "Transactions have increased by 20 per cent annually. This is a testament to the continued appetite for homeownership in this increasingly popular area. Bristol has closely mirrored the national trend.

 

"Across the UK, sales transactions increased by 21 per cent annually.

 

"First-time buyers are still flooding back into the market, with the number of applications up a quarter on last year.

 

"There is no denying that first-time buyers are able to meet the rising property prices across the country in order to get their first foot on the ladder."

 

According to the Land Registry the average price of a house stands at £213,830 and 1,500 homes were sold in the city last year.

 

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