Here is Property Options’ latest update on the Bristol Buy To Let (BTL) market – for June 2019.
This update is by economist Chris Worthington, who is a regular PIM speaker.
Infrastructure Projects
The West of England Combined Authority (WECA), made up of three of the local authorities in the region, Bath & North East Somerset, Bristol and South Gloucestershire, has recently published the draft joint local transport plan (JLTP) for 2019 -2036.
New transport infrastructure facilitates economic development and provides access to new housing developments. This is of interest for buy to let investors because improved transport links will boost house prices.
The JTLP sets out “major transformation schemes” in Bristol city centre, in the east and north fringes of the city and on the route to Bristol airport. Welcome news for local residents and businesses but inevitably much of these planned improvements will take place over as long time scale.
However the JTLP also identifies “early investment schemes in progress and committed projects” that will completed over a shorter time scale. The details of these are as follows:
- M49 Avonmouth Junction – improved access to the port of Avonmouth and the Enterprise Area
- Temple Quarter Masterplan – improvements to Temple Mead Station and a transport interchange
- MetroWest Phase 1 – ungraded train services on the Severn Beach Line and reopening the Portishead line with a new station at Portishead and the reopening of the station at Pill.
- MetroWest Phase 2 – reopening of the Henbury line, new stations at Henbury, North Filton and Ashley Down
- Hengrove – new internal roads for 1500 homes and access for the Metrobus
- Lockleaze – bus lane on Muller Road and pathway through Stoke Park for 800 new homes
House Prices Slow
Turning to current trends in house prices there is good news and bad news depending on whether you are buying or selling.
The latest UK Cities House Price Index published by property analyst company Hometrack found that the UK housing market has generally slowed down with the average discount achieved on asking prices of 3.9%.
However the Bristol market is performing better than the UK average with discounts of around 3%. This places Bristol at number ten in the league table for discounts for the twenty cities in the Hometrack Index.
The highest average discounts are in Aberdeen (8%) and London (5%). The housing market in Scotland is currently more buoyant with no discounting and in some cases a premium being achieved over the asking price.
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 June 2019 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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