Here is Property Options’ latest update on the Bristol Buy To Let (BTL) market – for February 2020.
This update is by economist Chris Worthington, who will be speaking at our PIM this month.
Rental Market
The latest quarterly Rental Market Report published by Zoopla, found that Bristol is second in the league table of UK towns and cities for year on year rental growth at 5.5% for the past year with an average rent of £983.
Nottingham tops the table with rental growth of 5.8%, while York is third at 5.0%.
Rents in Bristol are currently trending upwards, the year on year rental growth one year ago was 2.2% and the average for the past five years was 4.1%. The average year on year rental growth in the UK is 2.6%.
More evidence for strong demand for rental property in Bristol comes from a report published by rental management platform Howsy.
This identified areas with the highest demand for rented property in London and twenty three major cities in the UK. The research used the metric of the proportion of rental listings taken up as a percentage of all the number of listed properties.
Rental properties in Newport had the highest demand closely followed by Bristol, Nottingham, Cambridge and Belfast, cities with high student populations and a growing number of young professionals.
House Prices
More evidence for the high demand for property in Bristol comes from research undertaken by estate agency comparison website GetAgent, using the metric of number of homes sold or under offer as a % of homes on the market.
Falkirk had the highest score with Bristol and Edinburgh in second and third place. These findings support the view that Bristol has a strong rental market and a strong demand from home buyers that is likely to boost prices and reduce time to sell.
Where to buy a new property is always an important question for buy to let investors. A recent report from property company Colliers International found that Knowle is attracting strong interest.
The proposed orbital ring road and the £100m plans for the redevelopment of the Broadwalk Shopping Centre will provide new opportunities for investors and a more affordable place to live compared with some other districts of Bristol. The development will be 12 storeys high and will consist of 420 flats plus office, leisure and retail space.
The ring road will provide easier access to the city centre employers for residents of Knowle. Property prices in Knowle have increased faster than any other district of Bristol in the past year.
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 27 February 2020 at Future Inn, Bristol, BS1 3EN.
We hope you will join us then.
For more info and to reserve your place Click Below
Property Options Bristol
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