The Bristol Housing Market
There seems to be little doubt that an economic recession will follow in the wake of the COVID – 19 crisis but at the time of writing the severity and duration of the recession is open to question.
A clearer picture will emerge by the end of 2020 and given the strength of the Bristol economy, it is reasonable to assume that that Bristol will ride out the recession better than most other cities in the UK. However there will be higher levels of unemployment with a knock on impact on rents and house prices.
It is too early to say with any certainty how this will work out during the remainder of 2020, so this month we decided to report on the current known trends in the housing market.
The March edition of the UK Cities House Price Index published by Zoopla, in association with property analyst company Hometrack, reported that the year on year increase in average house prices in the UK was 2.1%.
In Bristol the year on year increase was slightly less at 2.0% ,placing Bristol 11th in the league table of the 20 cities in the Index. Bristol edged up the league table in April, with a year on year increase of 2.4%, the same as the average for the UK at 2.4%, placing Bristol 9th in the league table.
This is possibly evidence that the Bristol housing market is doing better than the UK average at the time when the recession is starting to bite, in the second quarter of 2020.
So far, so good, for BTL investors in Bristol. We will continue to give monthly updates on this key issue in the newsletter.
Working with Bristol City Council
Following the release of estate agents from the lockdown, the property market is getting going again and you may now be looking at options for letting your property, or letting your client’s properties if you are an agent.
Bristol City Council needs in excess of 500 units of new accommodation for longer term private lets over the course of the next year and the council’s in-house lettings team will work with you to find new tenants.
By renting through the council you will enjoy a range of other benefits including rent guarantees, no agency fees and an ongoing comprehensive package of support for both landlord and tenant.
The council have got all the necessary processes in place for letting properties whilst adhering to social distancing rules. They are ready to support you in letting your properties quickly, easily and safely.
To find out more contact the team at [email protected] or visit the dedicated private renting page here https://www.bristol.gov.uk/private-landlords/get-help-with-renting-out-your-property
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 safe and practical to do so. This will not be before September and could be later.
We hope you will join us then.
For more info please Click Below