According to the latest research by Nationwide Building Society, property prices in January rose at their fastest rate in more than a year at an average of 1.9%.
Nationwide says that at £215,897, the average price of a home in Britain is 0.5 per cent higher than in December 2019. Halifax reported that the average property cost £240,000 in January 2020 at 4.1% more than a year earlier - the biggest annual rise since February 2018.
Whichever figure you choose, this is welcome news after a slow 2019 in which national property values struggled to climb more than 1% across the year.
It is almost definitely a sign that the housing market has benefited from a post-election boost and it will be interesting to see if the trend continues this month, now the Brexit wheels are finally in motion.
Our Head of Sales, Fiona Dando, commented: “It’s exciting news for the industry and something that the estate agency community here in Bristol unanimously agrees with. Although Bristol has bucked the trend for a few years now in boasting higher than average house prices, its still been a tough market in Brexit and election uncertainty.
Now that is out of the way, we are pleased to report that there has absolutely been a marked increase in owner occupiers re-joining the market post the election, and renewed confidence and increased stability, coupled with the fact that Bristol continues to be attractive to investors, all helps.
While prices may prove to be reasonable static more dynamism in the market means overall and increased stock which can only be good news.”
Bristol is home to two major universities, with more than 50,000 students between them, and a growing number of young professionals leaving London for more affordable living, especially with new improved rail times to London.
The city is the sixth biggest in the UK and was recently named as one of the top 20 regional cities for start-up businesses so is a very attractive bet for property investment.
Indeed the growth of the local rental market is also something to take into account. Some estimates guess that in the last 15-20 years it has doubled and with the commitment shown by Bristol City Council’s commitment to see at least 2,000 homes to be built every year, this trend looks set to continue.
And with national agents, Jones Lang LaSalle (JLL) forecasting Bristol growth up to 2023 of an average of 2.8% pa compared with UK wide growth of 2.2% - the future definitely looks rosy!
For an informal chat about buying in Bristol, please give Fiona or Kayt a call on 0117 329 4800.