In This Article
Introduction To The Area
Bristol was voted the best city to live in Britain by the Sunday Times Best Places to Live Guide in 2017. Some of the reasons highlighted were its diversity, beautiful waterfront, low crime rates, vibrant atmosphere and great jobs, especially in the creative and IT sectors. It was voted the European Green Capital of the Year in 2015, as well as being voted Europe’s coolest city by NG Traveller in 2017.
In 2019, one million people lived in the Bristol postcode area – representing a 16 percent population growth since 2002.
As cash house buyers, Gaffsy could enable you to complete a move to Bristol by purchasing your current home for cash. Read below to find out more about house prices in the city.
Summary Of Price Moves
According to RightMove, properties in Bristol had an overall average price of £343,144 over the last year. The majority of sales in Bristol during the last year were terraced properties, selling for an average price of £323,867. Semi-detached properties sold for an average of £354,382, with flats fetching £265,269. Overall, sold prices in Bristol over the last year were 9% up on the previous year and 11% up on the 2018 peak of £309,185.
For a deeper dive, Zoopla has noted that the average first-time buyer property (two-to-three bedroom house) in Bristol costs £293,447, with the average income required from a first-time buyer household in Bristol is £62,037. The most affordable area is Avonmouth (BS11) on the banks of the Severn Estuary with an average house price of £216,242. Bishopsworth and Bedminster Down (BS13) to the south of the centre also offer value. The average first-time buyer home costs £223,342. The most expensive location is the sought-after area around Clifton Suspension Bridge (BS8) where the average price is £435,785.
The average time on the market for all properties in Bristol has fluctuated dramatically over the previous year, however the figures are pretty similar to last march, increasing only five percent, from 132 days to 138 days. It is a similar story for the number of properties that are being listed in Bristol. As you would expect, the number broke free and climbed when restrictions were eased last summer, however they have returned to pre/start of pandemic levels – with 2170 homes listed for sale this March, a 1% decrease from March 2020.
A local agent predicts property prices in Bristol are likely to keep rising in 2021 – as Rightmove forecasts a 4 per cent national rise in 2021. According to the Rightmove research published in December, house prices in 2020 across the UK as a whole finished 6.6% up on 2019, despite a fall of 0.6% that month.
The average house price in Bristol is above £300,000 for the first time ever, and prices are continuing to soar.
Factors like the stamp duty deadline will impact on house sales in 2021, as the average tax saving of 1.9% of purchase price in the UK is due to end. But Rightmove says housing needs and “fresh-start mentality” suggest the market will continue to outperform the economy.
Estate Agents’ Comments
As you’d expect, the estate agents in Bristol brim with praise for the city, with Haart stating that it “is one of the 10 ‘Core Cities’ in Great Britain, with a population of around 450,000. It has a unique identity with its various festivals, jaw-dropping street art, secret bars and restaurants, and holds the honour of being the UK’s first Cycling City. Just a couple of miles north of Clifton, Gloucester Road houses more independent shops than any other street in the UK. Bristol has excellent public transport around the city, as well as having direct links into London. It’s compact enough to get around on foot, yet big enough to boast an exciting line-up of entertainment. There is an array of fantastic places to live that are within easy walking distance of the city and the stunning countryside in the Cotswolds; Somerset, Devon and Cornwall are also within easy reach.”
Knight Frank toe a similar line, stressing that “You cannot fail to see the abundance of Georgian and Regency architecture in Bristol, particularly around the area of Clifton. The city has a vibrant social and cultural scene including the Bristol Old Vic Theatre. St George’s is a world class auditorium and [soon to be renamed] Colston Hall and the Hippodrome provide concerts and shows throughout the year. Bristol has a maritime history and the harbour is a natural point of historic reference. The SS Great Britain has previously won the ‘Museum of the Year’ award and there is a permanent mooring for The Matthew, replica of the Caravel sailed by John Cabot in 1497 from Bristol to North America and the M Shed is a museum dedicated to telling the story of the city through objects and stories of people from the city. The harbour is also home to the Bristol Harbour Festival, one of the UK’s largest public festivals.”
Andrew Morgan MBE is director of estate agents Hollis and Morgan in Bristol, he said two main factors are likely to impact prices next year.
“The stamp duty will come to an end in March meaning we’re likely to see a surge in demand before that. And a vaccination will come in meaning things will level out.” Andrew says it is “highly unlikely” house prices will go down in 2021.
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