If you’ve been keeping an eye on the housing market lately, you might have noticed something exciting happening in Bristol. Housing demand in Bristol is on the rise, and we’re here to provide all the details you need to know!
Whether you’re a first-time buyer, a seasoned investor, or simply curious about what’s driving this trend, you’re in the right place. In this blog, we’ll explore the factors behind the surge in housing demand, what it means for buyers and sellers, and how you can navigate the market with confidence.
Property market overview
Keep reading to learn about Bristol’s recent house price increases and our house price forecast.
House price increases
On average, house prices in Bristol have increased 8% since the peak of 2021. The house prices in Bristol are rising due to the high quality of living, economic opportunity, and the increase in remote working.
The increase in remote or flexible working allows people to work from anywhere, meaning more people are moving back to their home or university cities. With so many family homes and universities in Bristol, it’s no wonder people are flocking here.
House price forecast
It is estimated that house prices will drop around the country in 2024. Rightmove predicts house prices will decrease by 1% on average, while Savills estimates we can expect a drop of almost 3%!
Cost of living in Bristol
The cost of living in Bristol is often considered higher than the national average, but this is due to the excellent quality of life, plethora of bars and restaurants, and abundance of well-paid jobs.
It may feel pricier to those who aren’t accustomed to the area or those just starting out in their career. However, Bristol also has a range of free or low-cost activities you can engage in. These include free museums, green spaces, and community events that allow you to enjoy all the city has to offer without breaking the bank. Even a latte in a trendy coffee shop won’t set you back too far!
Property demand in Bristol
People are drawn to the city of Bristol for many reasons. These include:
Art & culture
Bristol is known for its quirky arts scene. The home of Banksy, you can find several of his masterpieces dotted around the city. These include the iconic “Girl with a Pierced Eardrum” and the thought-provoking “Mild Mild West.”
However, Bristol is also home to many music and arts festivals, including Bristol Sounds, the eclectic Bristol Harbour Festival, and the beautiful Bristol International Balloon Fiesta, which is just as magical as it sounds.
Green spaces
Bristol has beautiful parks and green spaces, including St. George’s Park, Castle Park, Victoria Park, and Page Park. Your favourite park will depend on your personal preferences. Prefer a coffee and a cake at the end of your walks? Then, you’ll love the quaint charms of Victoria Park.
History
Bristol is peppered with historical landmarks and memories of our rich past. Bristol is a treasure trove of UK history, from the majestic Clifton Suspension Bridge, a marvel of engineering spanning the Avon Gorge, to the historic SS Great Britain.
What’s more, many of these attractions are free or have a low cost to visit, making them a cost-of-living friendly day out!
Job opportunities
The city’s reputation as a hub for creativity and innovation means it attracts talent from all over the world, making it an exciting and diverse place to further your career. Whether you’re a seasoned professional looking for your next challenge or a recent graduate eager to make your mark, Bristol offers endless possibilities for growth and advancement.
Education
Education is the key to a better life, and you’ll certainly find that in Bristol. Whether you’re looking to return to college, University, or even learn a trade, Bristol offers diverse educational opportunities to suit all aspirations and career goals.
Is this driving house prices up in Bristol?
With all these desirable qualities, it’s no surprise that property demand in Bristol is soaring. The city’s vibrant culture, green spaces, rich history, abundant job opportunities, and excellent educational offerings all translate into an exceptional quality of life and result in a high cost of living. As more and more individuals and families flock to Bristol in search of a better quality of life and career prospects, the demand for housing continues to rise.
However, Bristol will always have space for those ready to embrace its culture!
Is it worth buying property in Bristol?
It is worth buying property in Bristol. However, buying a tenanted or buy-to-let property in Bristol is especially beneficial.
The excellent Universities and colleges mean Bristol is overrun with students, and students will always need temporary accommodation.
Alternatively, if you’re looking to sell your tenanted property in favour of purchasing a home in Bristol, speak to We Buy Any Home. We’ll make you a free, no-obligation cash offer for your tenanted property.
Where to buy property in Bristol
The best place to buy in Bristol depends on your personal needs and preferences. However, you can’t go wrong with:
- Clifton – Clifton is a beautiful but expensive part of Bristol. Known for its quirky coffee shops, boutique restaurants, and Georgian townhouses, it’s a fabulous place to live— if you can afford it.
- Bedminster – Bedminster is known for its excellent transport links, affordable housing, and proximity to the city centre. If you have a young family or are just starting out in Bristol, this is the place to be.
- Redland – Redland is known for its tree-lined streets, elegant Victorian villas, and excellent schools. Redland is a popular choice for families seeking a tranquil yet convenient place to call home.
Is it a good time to buy property in Bristol?
The increased cost of living means properties tend to stay on the market longer. This also means sellers may be more flexible with their pricing.
It’s an excellent opportunity for buyers to explore their options and even snag a deal that better suits their budget. Plus, with properties staying on the market for longer, you’ll have more time to carefully consider your choices and find the perfect place to call home.
FAQs
Why is there an increased demand for housing in Bristol?
People are flocking to Bristol to further their careers, improve their lifestyles, and immerse themselves in the city’s creative and vibrant atmosphere. The increase in population continues to increase demand.
What is the housing market prediction for Bristol?
House prices in Bristol are expected to grow by 17% between 2023 and 2027, meaning that the housing market in Bristol is anticipated to remain strong and resilient over the coming years.
What is the housing situation in Bristol?
There is high demand and limited supply of houses in Bristol, meaning house prices are increasing year on year, and affordability challenges are becoming more prevalent. First-time buyers and low-income families may need help buying in some of Bristol’s more affluent areas. These include Clifton and Redland.
