Bristol Property Market is Blooming With Rising House Prices
Bristol property market is blooming with house process rising faster than London house prices. In-fact, Bristol property market is currently one of the fastest growing in Europe. Bristol saw a an average rise of 15.8% in property prices in the third quarter of this year when compared with the same quarter last year.
London property market usually see better growth than Bristol. However, this time London saw an 9.2% growth in the same third quarter as Bristol’s 15.8%. This very rarely happens as London generally always has the fastest rising housing market in the UK.
What’s different now? Why is Bristol property market rising faster than London? There are quite a few factors with the main ones being Brexit, this has caused uncertainty with international investors and therefore not investing as much in London as they usually would. There is also the change to the stamp duty which happened in April, the new stamp duty enforces higher taxes for high end buyers. It really comes down to good market conditions for Bristol and tough times for London.
Kate Everett-Allen, an international residential research analyst at Knight Frank, says: "Bristol’s boom is being fuelled by low mortgage rates, and a structural under supply of housing."
Below is a list of the top 10 average house prices in major cities in the UK in December 2016, as well as the annual percentage increase in property value last year:
- Bristol, £261,600, 9.6 per cent
- Manchester, £151,200, 8.9 per cent
- Oxford, £422,700, 8.1 per cent
- Portsmouth, £222,400, 8 per cent
- Southampton, £221,700, 7.9 per cent
- Birmingham, £147,500, 7.5 per cent
- London, £484,800, 7.3 per cent
- Cardiff, £195,100, 7.2 per cent
- Liverpool, £116,000, 7 per cent
- Nottingham, £139,900, 5.7 per cent