Low mortgage rates, government schemes to get people onto the property ladder and the city’s popularity have fuelled demand for property in Bristol.
- High demand for Bristol property has pushed prices up
- Average house price in Bristol has climbed by 10% in the past year
- Bristol real estate market is “extremely buoyant”
Low mortgage rates, government schemes designed to help first-time buyers onto the property market and the continued popularity of the city have fuelled demand for property in Bristol, pushing prices steadily upwards.
According to estate agent Allen & Harris, Bristol has seen a 41% increase in the number of people interested in buying property – but there was a 4% drop in the number of properties for sale over the same period.
The discrepancy between demand and supply has pushed prices up, with the average cost of a house in Bristol rising by £10,000 over the past 12 months.
The average Bristol home was worth just over £208,000 in December 2013, marking a 6% increase of £10,067 in the last 12 months.
Matthew Barrett, from Allen & Harris, said that if the discrepancy continues, property prices in Bristol will undergo further rises in 2014.
Describing the Bristol property market as “extremely buoyant”, Mr Barrett said that Clifton and Bedminster are experiencing a mini boom and that the outlook for 2014 across the city is “very bright indeed”.
He added: “We are seeing harbour-side properties snapped up in record time and a significant increase in the appeal of city centre living, particularly among students and young professionals.”