The Somerset city of Bristol boasts one of the most thriving economies in the UK and is widely considered one of the most desirable places in the country to live for quality of life. So, if you’re thinking of investing in the city’s thriving real estate market, you may well be on the right track to wealth creation and growth – as even amidst the current surge in property prices, now is a great time to buy.
Many people are now considering living in Bristol over other cities in the UK for a number of reasons, from its enticing cultural scene to its excellent connectivity, with Bristol Airport right on its doorstep. This, in turn, has seen house prices spike dramatically, particularly since the pandemic, and it’s a pattern that industry experts predict is only set to continue over the coming months and years.
There are a number of exclusive luxury properties currently on the market in Bristol – from exquisite townhouses to traditional country manors – so if you’re eager to relocate to the city then for a few million pounds or more, you’ll be in with a good chance of finding the perfect home. Similarly, if you’re looking for investment properties to rent out long-term and create an additional stream of income, or to renovate with a view to turning a tidy profit later on, then the possibilities here are seemingly endless.
Those who can afford to buy a home in this part of the UK are in a privileged position, and if you’re prepared to play the long game, you could stand to make some considerable returns later on. We asked the experts at AVRillo property lawyers in Bristol, which aims to make conveyancing work easier for its customers, to break down all you need to know about capitalising on the property market in the city this year.
Why invest in Bristol?
The thriving housing market
Bristol is currently enjoying one of the UK’s most booming housing markets, with its strong economic growth and the excellent quality of life it supports making it one of the most desirable places to live and work. The popularity of Bristol hasn’t just caused an increase in house prices in the city, but has done so at a faster rate compared to other locations in the country. In 2011, the average property price in Bristol was £189,06, while today, house prices in the city have increased by more than 60 percent.
According to Zoopla, the average house price in Bristol is currently at £361,837 for the last year. Flats are the cheapest properties in Bristol, going for as low as £253,575, while detached houses sell for a minimum of £534,939 and semi-detached for £370,583. The all-time average sold price in this city is £194,147.
A high employment rate
Bristol has one of the highest employment rates in the UK, and with the great selection of jobs on offer, it’s perhaps little wonder it has become seen as one of the most popular cities to live in. Students graduating from university and who are seeking professional jobs make up a proportion of those relocating to the city, but we’re also seeing plenty of people moving out of London in search of a quieter life, and settling in the rural areas outside of the inner city.
The higher employment rate in Bristol means that it’s in high demand. According to a recent survey, at least 77.1 per cent of Bristol’s population is in employment, and the high demand amongst tenants seeking homes means it’s a great place to invest in real estate.
Improved quality of life
Many of those relocating from London are looking for an improved quality of life, and Bristol is increasingly becoming one of the top places they find it. While there’s no denying that many are moving to coastal and countryside regions like Devon and Cornwall, for others, they’re too remote – whereas Bristol, with its great food scene, community spirit, and plethora of cultural attractions, offers the best of both worlds.
The waterfront area in Bristol is home to numerous restaurants, shops, and bars, with historic attractions including the Clifton Suspension Bridge and the Clifton Observatory found across the city. But it’s also surrounded by vast swathes of green fields, rolling hills and breathtaking countryside, making it one of the few locations that ticks all the right boxes when it comes to quality of life.
The thriving business and industries
Bristol boasts one of the most thriving global professional service sectors in the country, and is a leader in engineering and technology. In recent years, a growing number of firms have been setting up their offices and headquarters in the city to increase their visibility in the UK, with most of the big players in the tech market investing heavily in infrastructure to support the different industries.
Bristol is, as a result, one of the best places in the UK to start and run a business. The city has a heritage for filmmaking and the creative industry, which makes it an ideal place to invest in property.
Great transport links
Bristol is strategically positioned in the South West, which makes it a great place for all kinds of people to live. The excellent rail connections mean you can take the shortest time, 1 hour 35 minutes, to access the capital via Temple Meads, and with an international airport located right on its doorsteps, it’s a hub for travel for both business and leisure.
The bottom line
Investing in real estate always comes with its challenges, but if you’re looking to grow your portfolio in 2022 then Bristol is the perfect place in which to do it.
Be sure to invest in the services of an estate agent or a conveyancing solicitor to help you. A conveyancer can facilitate property searches and surveys, and ensure that due diligence is done to lower any potential risks, putting you in the best position to profit from your investment later on.