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 was one of the speakers at our recent February PIM.
One of the key issues for buy to let investors in Bristol is selecting the best districts within the city to buy property. Bristol is a very diverse city and as reported in previous updates house prices, rents and rates of return on investment vary considerably.
This month I decided to focus on one specific area of the city, the Temple Quarter Enterprise Zone. This 70 hectare site was officially designated an Enterprise Zone in 2102 and was expanded to cover an additional 30 hectares in April 2017.
It centres on Bristol Temple Meads and includes the office buildings at Temple Quay, Silverthorne Lane with its 19th Century industrial streetscape, the Avon Riverside corridor alongside the Bath Road, key sites along Bath Road including Bath Road Studios and Paintworks and some of development sites in the Redcliffe area.
Enterprise zones have been set up by the government to drive industrial growth.
They offer incentives to businesses to create jobs, unlock new development sites and provide infrastructure. The Temple Meads Enterprise Zone is being delivered by Bristol City Council, Network Rail, the Homes and Communities Agency and the West of England Local Enterprise Partnership.
Since 2012 over 3000 people have come to work in the Enterprise Zone with a target of 22,000 jobs over the lifetime of the project to 2025.
Key projects include the Engine Shed business incubator, the Bristol Arena and a new campus of Bristol University. The zone will also benefit from improvements at the Bristol Temple Meads station and the Metro Bus and a new bridge linking the Bristol Arena site to Cattle Market Road.
While the focus of the Enterprise Zone is on creating employment, new housing developments will also be needed.
However, the scope for housing within the Enterprise Zone will be limited by the availability of suitable development sites.
Smaller scale buy to let investors should therefore consider investing in property in the adjacent areas, that will benefit from the rippling out effects of investment within the Enterprise Zone.
These include Totterdown, Old Market, St Philips, Barton Hill and Bedminster.
The annual increase in house prices in the UK is starting to slow down and while Bristol is performing much better than the UK average, now may be a good time to consider a long term investment over 5 – 10 years.
If so the Temple Quarter Enterprise Zone and the adjacent districts are a very interesting proposition.
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 May 2017 at Holiday Inn, Bristol City Centre, 6-9 pm.
We hope you will join us then.
For more info and to reserve your place Click Below