Here is Property Options’ latest update on the UK Buy To Let (BTL) market – for July 2018.
This update is by economist Chris Worthington, who is speaking at our July PIM.
House prices in Bristol continue to perform well for BTL (buy to let) investors. The latest UK Cities Price Index published by property analyst company Hometrack places Bristol 11th in the league table of the top twenty cities in the UK, with a year on year increase of 4.6% and an average house price of £282,000. Edinburgh is top of the table with an increase of 7.1% and the average increase for all 20 cities is 4.3%.
The league table also shows the average house price relative to London. For Bristol that is 57%, with only Cambridge (88%), Oxford (87%) and Bournemouth (60%) above Bristol. This calls into question the often held view that people move from London to Bristol to get a cheaper house – because in fact houses in Bristol are relatively expensive compared with most other cities.
The reality is that unless they are retiring, most people relocate to start a new job or to take up a university place and the possibility of lower cost housing is simply a bonus.
Developer confidence in Bristol remains high but the emphasis has shifted away from the city centre to Bedminster.
Last month the Evening Post reported that plans are at various stages for five key sites including Little Paradise, the factory site formerly occupied by structural engineers Pring and St Hill off Malago Road, St. Catherine’s Place, Hereford Street car park and land off Dalby Avenue next to Bedminster Car Park. The tallest planned building will be 21 storeys. The developments form part of an overall regeneration plan named Bedminster Green.
The website of Origin3, the lead master planner for the project states that “this £100 million regeneration project in South Bristol, will deliver up to a total of 800 new homes, including 250 affordable homes.
The redevelopment would see a new entrance plaza to Bedminster train station, rediscovered green spaces including ‘daylighting’ of the Malago River, streetscape enhancements and integration of the Metrobus route, a district heating system and low-energy buildings. Bedminster Green is about creative place making to make a people focussed and connected place befitting Bristol’s status as a ‘Resilient City’.
Finally a positive news story for the Bristol economy. Bristol Airport was voted the best airport of its size in Europe at the annual ACI Europe awards ceremony.
ACI Europe is the European region of Airports Council International, the worldwide professional association of airport operators.
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 26 July 2018 at Future Inn, Bristol, BS1 3EN.
We hope you will join us then.
For more info and to reserve your place Click Below