Bristol’s housing market is often described as “buoyant” and it shows no signs of slowing down.
In the last 12 months alone there were 11,6000 property sales in Bristol postcode areas.
The start of the year has possibly been front loaded with a flurry of buyers trying to complete before the reliefs on stamp duty came to an end on 31 March 2025.
You might expect there to be a slow down in activity now that stamp duty is back to its previous levels, but this period from May to September is typically the busiest. It may be the case that people simply have to revise their budgets accordingly.
Supply is an issue
Construction has remained low in Bristol and surrounding areas, despite Labour’s pledge to build 1.5m new homes in the course of the next 5 years.
We’ve seen some new developments in out of town areas, but there remains a lack of affordable houses and overall demand still outstrips supply.
Prices remain high
The average house price in Bristol is currently £358,000, which is up 3.6% from January 2024. That’s a steady incline in a short period of time.
And it’s getting more difficult for first time buyers, as the average house for first-time buyers is £320,000, which is 4.1% higher than in January 2024.
However, there’s a feeling that agents may over-value property in order to get the listing. Buyers should be aware that there may be some wiggle room in the listed price.
Surveyors will usually give you a more realistic valuation of the property, especially those employed by the lenders.
The South is a hotspot
South Bristol was a poor relation to the north in years gone by. But since the regeneration of places like North Street and Southville, it has become one of the most desirable areas to live.
That’s reflected in the house prices, and in Bedminster house prices have quadrupled in the last 20 years. Viewings for houses in Bedminster can see as many as 20 interested buyers coming through the door in one day. The housing market is very busy here for first-time buyers, families, and investors.
Redevelopment is making other areas more attractive
If you’ve driven around Bristol at all lately, you’ll notice the vast amounts of redevelopment in the city.
Particularly, there’s a lot of activity around Temple Quay. We could see places like Old Market, Totterdown, and St George change as a result. Given that it is mainly university buildings that are being put in place, we could see a rise in students and buy-to-lets in these areas.
Now is a good time to move
If you’re thinking about moving, it’s a good time to do it. The spring to summer window is an attractive time to move, and the indications are that house prices in Bristol will continue to rise.
If you’d like any help with the conveyancing aspects of your move, please do get in touch with one of our experts.