News

Bristol Housing Demand at a Record High

1 May 2014

People are literally queuing up to buy houses in Bristol, according to estate agents in the city. With demand for houses far outstripping supply in the some of the most popular parts of the city, many properties are being sold within a matter of days.

 

The news has come after yet another industry survey found that Bristol was now a major housing hotspot.

 

According to market specialists, before the recession came along and the property market collapsed, the average house would take around two to three months to sell after an average of eight viewings. But in popular areas of the city such as Easton, Southville, Fishponds and Bishopston, some houses are being snapped up before they even go on the market.

 

Thomas Dowdeswell works for the Easton branch of Besley Hill and says demand has never been higher in many parts of the city.  He said: "Of course, it depends on which area you are talking about, but there are more people looking to buy than there are properties available. We are getting four or five offers for houses within a week of them going on the market. In some cases, we don't even have to put the houses on the market.

 

"We have a database of people and we email the details out to them when houses become available, and often the houses get sold that way. Some vendors will go down the route of having an open house to maximise the price. In the really popular areas we can get as many as 20 to 25 people coming along to view a property.

 

"There have been articles in the press recently about how Bristol is the best city to live in and the Government schemes have also helped. It all helps to make Bristol a popular place for property hunters."

 

James Butler, of Woods Estate Agents in north Bristol, said: "There has been a big imbalance between supply and demand in north Bristol, which means properties have been going for up to three per cent over asking price, and there have been a number of block viewings and open houses.

 

"At the lower end of the market , more optimism has led to more first-time buyers coming into the market, competing with investors.

 

"As the market has picked up, buyers have come in quicker than sellers, and this, coupled with a few months of bad weather, has delayed more properties coming on to the market. However, listings have been on the up in the past few weeks, so we're likely to see the imbalance ease over the next few months."

 

As reported in the Bristol Post, Land Registry figures point to the fact that demand is sky high in Bristol, which is pushing up prices.

 

And the findings have now been backed up by the Rightmove website, which said asking prices had hit record highs amid a "ridiculously tight" supply of homes for buyers.

 

Last week, the Royal Institution of Chartered Surveyors said there was a "desperate need" to address the lack of homes on the market, warning that house prices would continue surging by around six per cent annually for the next five years.

 

Miles Shipside, director of Rightmove, said a "ripple effect" stemming from the "boom" in the London market meant the regions were now starting to see stronger uplifts as would-be buyers broadened their search for places to live.


 

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