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Informative article from the Bristol Post about how, when it comes to property, Bristol punches above its weight: Bristol punching above its weight in property
WITH a population of 441,300, Bristol is England's eighth largest city, yet it is the fifth richest in terms of the total value of property. A survey commission by the Guardian shows there are 288,141 residential addresses in the city, worth an estimated £57.8bn. Further down the list, yet with much larger populations, are Leeds (sixth), Newcastle (eighth), Sheffield (tenth), Liverpool (13th) and Belfast (14th). Immediately ahead of Bristol is Glasgow (where residential property is valued at £61.3bn from 485,687 addresses), then Manchester (£117.7bn from 814,794 homes) and Birmingham (£143.7bn from 999,722).
Predictably, way out in front is London, whose housing stock of 3,708 is worth a whopping £1,364.8bn – 10 times that of Birmingham and 20 times more than Glasgow. The South West town with the next most valuable housing stock is Swindon, which appears on the list at number 38 (valued at £18.1bn from 103,490 addresses). This is followed at number 40 by Plymouth (17.2bn from 112,845), then Gloucester at 57 (£9.5bn from 57,486).
Bristol's ranking at number five doesn't surprise city agents, who say the value of housing has stood up well, despite economic difficulties. Martin Haigh, of Haigh and Sons based in Westbury Park, says: "Personally I do not find the results of this survey altogether surprising. I have argued for some years that Bristol, or at least the more affluent parts of it, exist in a bubble – protected to a degree from the vagaries of the property market. Prices seem to soar when the economy will allow, yet hold comparatively steady in more adverse times. "Bristol offers excellent communications for anyone wishing to live away from the 'Big Smoke' but needing to travel to London for work. "The M4/M5 intersection, the airport and rail links all contribute to the city being a convenient place to live, wherever in England or Wales you need to get to. "This can be evidenced by how many companies have moved to Bristol over the last couple of decades, many of which (banking, insurance and the like) have staff who tend to be in the higher pay grades. "Education, too, plays its part.
Bristol has a number of top quality secondary schools that draw families to the area, and there are often parents of students at our two universities who buy properties for their offspring to inhabit and rent out rooms. "Very unscientifically, however, I think these figures merely show us what we already knew: Bristol is a great place to live, and with the possible exception of overtaking London, has great potential to climb even higher up the list!" Meanwhile, Adam Offer, managing director of Besley Hill, which has offices all over the city, adds: "Immediately after the market slow- down Bristol saw a gentle slide in values – unlike some areas of the country where a marked decline occurred and to a degree is still occurring. "I believe this was because in Bristol and South Gloucestershire we have high levels of employment and a good local economy.Also Bristol is a beautiful city with a wide diversity of housing to suit all budgets. "In more recent years we have seen a hardening of values with some localities showing a good increase. The reason for this is two fold. Firstly, the demand is there and the supply is not, so those who are selling can do so at a premium. "Secondly, we have seen a pent up demand for homes in the area and many buyers have chosen to rent. These people are now tired of paying rent, particularly with the recent hardening of prices, and are keen to get into the market. "Many of the buyers we see are also keen to make their mark on a property, something they cannot do to a rented property. This again has pushed these people into buying. Read the rest of the story >>> here.
If anyone can add any further info. such as the demographic of tenants, whether LHA or private, types of property in demand, where to avoid etc. that would be very helpful. Price information from Home.co.uk
Average Property Selling Prices in Bristol (£000's)3-month moving averages by property type in Bristol Apr 2000Jan 2012ChangeDetached£149,481£338,302+126%Semi£100,102£217,681+117%Terraced£78,086£193,078+147%Flat£83,464£177,165+112%All£94,706£212,511+124%
Median Property Selling Prices in Bristol (£000's)
Apr 2000Jan 2012ChangeDetached£133,000£282,500+112%Semi£86,000£175,000+103%Terraced£70,000£163,000+133%Flat£72,500£155,000+114%
Number of Properties Sold in Bristol
Apr 2000Jan 2012ChangeDetached15559-62%Semi268139-48%Terraced493217-56%Flat155111-28%
Note: The sold house prices for Bristol were calculated by averaging over all properties sold, as recorded by the Land Registry, within 6 miles of the centre of Bristol - trend lines may be erratic* - produced in association with MousePrice.comGet a Current Property ValuationObtain an automated valuation for any property, calculated using the best House Valuation tools available, from Mouseprice or Hometrack.
House Prices in Bristol for Other Dates
You can view a house prices report for Bristol for any period since April 2000 by selecting the dates below and clicking on the View Report button.
House Prices Reports in Surrounding Areas
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I know Bristol fairly well. I have lived les than an hour's drive south of it for 15 years. I have also sourced investment properties there, so have analysed it from that point of view. I agree with the sentiments expressed so far.I would add this:BAE Systems are a major employer (the aircraft industry). 'Cribbs Causeway' is a major modern shopping centre, with a catchment radius of up to 50 miles for people coming to shop there. Communications are good: though bottlenecks in the two 'rush-two-hours' periods are to be exprected - particularly at the M5 junctions near the River Avon. Traffic flow within the city itself is not bad. Bus and train services are good. Tourism is important, as also is 'young people's culture'. The city is a real mecca for students.Like all old English cities, there are distinct area differences: generally speaking, the further east you go, the poorer it gets. Thus, the sorts of lower-priced terraced houses that the majority of investors would look for tend to be in those eastern areas. Beware the blighted areas - they are not obvious (but prices betray their presence). I personally gravitated towards Avonmouth and Shirehampton for investment properties - for reasons which would be better explained elsewhere; but which in a nutshell ticked a lot of investors boxes. Even so; one would still be grappling with the relatively higher capital values in Bristol than in cities further north - so decent yield is difficult to achieve. For anyone seriously considering Bristol to invest in, I would give these tips; focus on hospitals, and also take a lot of trouble to find out where redevelopment and infrastructure changes are likely (or scheduled) to occur. Major changes are to be expected. Those who become aware of the changes well ahead of time are likely to be able to find properties now where the yield is not exceptional, but where future prospects are better perhaps than in many other locations: good, sound, solid, safe investments, in other words.I think a 'buy-to-sell' strategy is probably a better bet in Bristol than in many other places: as also are the more specialist strategies of maximising value from large old properties - there's lots of potential to do that.Brian
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Interesting article here about the regeneration of an area in Bristol called St. Pauls and how it could become a new property hotspot.Excerpt:"Property prices in the city centre are getting higher and higher, so developers start to look around the periphery of the centre for their next opportunities," says Nick More of Colliers International. "And given its geographical location, just a few hundred yards from Cabot Circus, St Paul's is an obvious place to look – especially given the quality of these wonderful old buildings that have been abandoned for so long.".... changes to the planning laws – with the introduction of Permitted Development Rights – has been the other great catalyst for St Paul's regeneration.
"It makes it much easier to turn offices into residential properties," says More. "Previously that would have been very difficult to achieve. But the council's drive is all about mixed use developments, so what we are likely to see is a combination of residential, office, retail and leisure – and that mix is the key to getting it right, and creating a vibrant area.
"You only have to look at what happened with the Harbourside developments before the recession – it was developed on a large scale with far too much focus just on residential, so when the recession came and they stopped selling, we ended up with a ghost town of empty properties.
"Retail was then unwilling to come in to the area because the customers were not living there. Thankfully that has been fixed now and things are really improving down there. But it's important to get that balance right as we all look to the future of places like St Paul's."
A planning application has been submitted to Bristol City Council for Redcliff Quarter, a £180 million mixed used development that promises to revive a 2.5 acre site in the centre.
Plans include residential apartments, restaurants, offices, a hotel and pedestrian street linking St Thomas Street and Redcliff Street. The architecture - produced by Lyons Sleeman Hoare - is designed to reflect the industrial heritage of the area, including wider pavements, roof top and courtyard gardens, balconies and terraces, targeting BREEAM excellent ratings for the commercial buildings.
A central tower with glass on four-sides will reference the Pilkington Glass Works and Bristol Blue Glass who were present on the site post-war.
Developers Change Real Estate claim that the "urban destination" will contribute £7 million per year to the local economy and create 4-500 jobs. Full/source story Related content:Anatomy of a property hotspot - 12 indicators
Interesting thread Vanessa. I lived in Bristol for several years back in the mid-late 80's.
In those days, St Pauls was very much a 'no go' zone.
Redcliff has always been one step behind Clifton in terms of price, but still a very nice area.
In terms of affordability, the South side of town has always been (may have changed now though!) a good place to buy.
Like London, and indeed the country as a whole there is a very clear North/South divide.
Bristol is the only area I've lived in outside of London.
I loved living there, but haven't been back for over 25 years, but keeping on thinking I must.
House price inflation in Bristol hits 14%The latest Hometrack house price index has revealed that during May, house price rises in the the capital hit 13.8% but were overtaken by rises of 14.1% in Bristol - the first city outside of the South East to see house prices rise at a faster rate than London since 2010.
This is part of trend whereby large regional cities have registered the highest growth rates over the past three months, led by Liverpool (5.4%), Bristol (4.2%), Manchester (3.9%) and Leeds (3.7%). Overall city level house price inflation rose from 10.8% in April to 11.2% in May.
However, London was one of eight cities to register slower year on year growth, slowing from 14.2% in April to 13.8% in May. Hometrack expects to see a rapid deceleration in house price growth throughout the remainder of 2016, particularly in London, as buyers adopt a wait and see approach to assess the short term impact on financial markets and the economy at large in the wake of the EU vote.
Richard Donnell, Insight Director at Hometrack, said: “House price inflation in major cities outside of London and the South East, such as Bristol and Liverpool has been accelerating but it is now expected to slow towards low single digits in the coming months as demand cools on the back of the EU referendum result. At present we expect housing market turnover to bear the brunt of increased uncertainty rather than house prices.Standing back from the immediate turmoil in financial markets, the reality is that the fundamentals of the housing market remain unchanged with record low mortgage rates and a wide imbalance between supply and demand. The UK doesn’t have a problem with housing demand, the more important question is how many buyers and sellers feel confident to participate in the market in the near term.
Market sentiment can change quickly and the sooner a clear picture emerges over the likely impact on the economy and the outlook for jobs and mortgage rates the sooner transaction volumes should stabilise and more buyers return to the market.”Full/source story
Plans for the redevelopment of a site close to Bristol's historic former marketplace, which would include residential and commercial space as well as accommodation for more than 200 students, are set to be given the green light.
Harmsworth Pension Fund, together with Alaska Development Consultants, has submitted an application for land between Jacob Street and Unity Street, part of an historic area of Bristol known as the Backlands in the Old Market Conservation Area.
Under the proposals, three existing buildings on the site, designated as "unlisted buildings of merit" would be retained and converted to retail, restaurant and office space.Full/source story
I have recently started working a stone's throw from where this development is now underway.
Old Market seems poised to spring up in an exciting way, much like other neglected areas mentioned in this thread – St Paul's for one, Stokes Croft another.
The Verdigris apartments a decade or so ago were a pioneering development, now the rest of the neighbourhood is on the springboard to catch up.
Does anyone know how badly prices of existing property in Bristol will be affected by all the new developments coming in?
What are good areas for BTL in Bristol if you don't want to go for new build apartments?
Council rejects plans to convert former filming studios in St George's area into an HMOs.
Just an anonymous opinion on the Internet.
Filming studios Nice euphemism… porn and adult chatlines I believe.I'm all for its redevelopment, but an HMO would have been madness without integrating a car park of some kind – narrow terraced streets just of the main road are crowded as it is.