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.
House Prices
In the latest UK Cities Index published by property analysts Hometrack, Bristol is at 7th place in the league table of the 20 major cities, for year on year house price growth.
In the year to September, the average house prices in Bristol increased by 5.1%. The overall average for the 20 cities in the Index was 3.6%. Bristol continues to outperform the UK average annual increase in house prices! The average house price in Bristol is currently around £280,000.
Rents
Rents are also on an upward trend. According to latest edition of the Rental Index published by insurance company Homelet rents in the South West region increased by 3.4% in the year to September, the fourth highest increase in the twelve regions in the UK and higher than the UK average of 2.1%.
The high value of the total return on investment in the Bristol property market is continuing to attract new developments in the city.
Developments
Here are some of the main developments currently underway:
- The latest new homes at “The General” (the site of the former general hospital) have been launched. The New Yard phase of the development offers mostly one and two bed apartments, with prices starting at £250,000
- A show home is available to view at the Redrow Homes Abode development in Bedminster. The 110 home development is due for completion next summer
- Trelawney House on Surrey Street close to Brunswick Square is a new development of 37 apartments, with a starting price of £149,000 for studio apartments. One and two bed apartments are also available.
In addition to these new developments, plans are being brought forward for an 11 storey tower with 120 apartments in the Temple Quarter Enterprise Zone. The apartments will be rented to tenants and managed by Legal and General Property.
Even more ambitious plans have been submitted for a 26 storey tower block on the site of the former ambulance station site next to Finzels Reach. The development will consist of 375 homes, including 75 classified as affordable; 58 for social rent and 17 for shared ownership. It will be jointly funded by property development company Linkcity, Bristol City Council and the Homes and Communities Agency.
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 30 November 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
Property Options Bristol
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