Here is Property Options’ latest update on the Bristol Buy To Let (BTL) market – for October 2018.
This update is by economist Chris Worthington, who is a regular PIM speaker – he will be speaking at this month’s PIM, focusing on the impact Brexit, very topical right now with so many issues.
House prices
In the latest UK Cities House Price Index published by property analyst company Hometrack, Bristol is placed 11th in the league table of year on year growth in house prices with an average house price of £282,000 and a year on year increase of 3.2%. This is slightly less that the average of 3.6% for all of the twenty cities in the index.
Even so in an uncertain market this will be probably be welcome news for buy to let (BTL) investors in Bristol, in the context of house prices being on a downward trend in some parts of the UK.
BTL investors in search of a higher future increase in house prices might wish consider the possible impact of the a property being in close proximity to high end retailers such as Marks and Spencers and Waitrose.
Research published by hybrid estate agent Emoov found an uplift in house prices of as much as 15%.
Rents
Turning to rents demand for rental properties continues to be high in Bristol.
Martyn Alderton National Lettings Director for Your Move commented that “there is on – going new development in Bristol and strong employment opportunities available with airbus, Rolls Royce, GKN and the Ministry of Defence. These have an impact on rents in Filton and the surrounding areas.”
This is very positive news for BTL investors in Bristol – the average rent in the UK fell by 0.5% in the year to June 2018.
Bristol Arena plans
Mayor of Bristol Marvin Rees has confirmed that the Bristol Arena will not be built on the original planned site near Temple Meads. This paves the way for a larger arena at the Brabazon hangar in Filton, owned by YTL, the Malaysian company that owns Filton airfield. Reaction to the Mayor’s decision has been mixed.
However with the cost of the arena at Temple Island spiralling to £190m, a value for money report was commissioned from accountancy company KPMG. They concluded that the council could gain a significant return from the alternative use of Temple Island.
The council owned derelict site is now available for a mixed used development that will include a conference centre, a hotel, offices and up to 550 new homes.
Marvin Rees commented “we need to move forward now and ensure that Bristol is fit for the demands of a modern, thriving and well connected city. I am confident that an alternative development at Temple Island is at the heart of that vision and will create inclusive economic growth, jobs and homes.”
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 October 2018 at Future Inn, Bristol, BS1 3EN.
We hope you will join us then – and Chris will be speaking.
For more info and to reserve your place Click Below
Property Options Bristol
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