Here is the latest edition of the Property Options’ monthly update on the Bristol Buy To Let (BTL) market.
This update is by economist Chris Worthington, who is a regular speaker at our PIMs.
In November the Minister for Communities and Local Government, Sajid Javid, visited Bristol and praised the work of the council and other local organisations in bringing forward plans for new housing in the city.
He referred to the 5000 homes that will be built in the Temple Quarter and to the need for a substantial number of affordable homes within new developments.
In reply, Bristol Mayor Marvin Rees welcomed the minister’s recognition of the work done so far and the future potential for housing development in Bristol.
Later in the month, the mayor commented on the proposals for housing in the budget. He welcomed the budget measure supporting the development of new housing in the following statement:
“We are developing a strong vision for meeting the challenges that Bristol faces and realising the ambitions for the city. We welcome the promise to invest £44 bn over five years in the national need for new housing.
We have made a start on upping house building with major developments planned for Hengrove, the Cumberland basin and Temple Meads.
To keep that momentum going we will need the government to invest and support Bristol in building homes that people can afford to rent and buy.”
Comments from industry experts about the housing element of the budget have generally been more down beat, with some scepticism about meeting the national target of 300,000 new homes per year. However with the new developments that are planned and underway Bristol is likely to contribute more than its fair share to the national target.
Bristol’s vibrant economy continues to be good news for buy to let investors generating a strong demand for accommodation in the private rented sector. Marvin Rees commented
“We have made an offer to the government to fuel the national economy by growing our local economy, something are very good at in Bristol.”
A green paper drafted by the mayor and the leaders of other major cities has called on the government to adopt a new focus on policies for cities, to ensure more investment and in turn build a stronger and fairer Britain.
Investment in buy to let is a part of this equation, but investors need to adapt to changes in the market. The new housing developments in Bristol will create new opportunities to invest in high quality housing.
We will continue to highlight these opportunities in future editions of the Bristol Buy To Let Update!
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 25 January 2018.
We hope you will join us then.
For more info and to reserve your place Click Below
Property Options Bristol
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