News / Housing crisis
Bristol house prices continue to rise above national average
Bristol is vibrant, friendly and consistently named as one of the country’s top places to live – but this popularity is coming at a price.
House prices in the city are continuing to rise at almost double the national average – at a rate of 4 per cent, compared to 2.5 per cent across the UK – according to new research from property experts JLL.
The company says that while the housing market as a whole is starting to stabilise, Bristol is not showing any signs of slowing down, amid predictions that it will continue to grow over the next five years.
is needed now More than ever
The quality of life in Bristol is encouraging more people to move to the city
James Petherick, residential development director in JLL’s Bristol office, says: “City living has gained strong momentum in Bristol over the past three years, spurred on by a number of desirable city centre schemes, attracting down-sizers and re-locaters, which has pushed demand in both the sales and lettings markets notably higher.
“And with housing supply in the city centre constrained, prices and rents have soared.
“Demand continues to far outstrip supply, which means radical thinking is required if we are to have any chance of addressing the city’s housing crisis. Whilst taller buildings and brownfield development provide some answers, we really need to consider a greenbelt review in order to help provide affordable housing close to employment opportunities.
“Despite the remarkable price increases of recent years, we still anticipate further upward pressure over the next five years.
“Growth rates may not be quite as high as the past three years, but uplifts of over 3 per cent per year are both significant and higher than UK averages. This serves to show how desirable Bristol is.”
A Bristol Community Land Trust development in Fishponds is an example of how people are being forced to find alternative housing solutions
According to JLL’s figures, the value of a typical two-vedroom apartment in Bristol rose from £260,000 to £280,000 in 2017 – a rise of 7.7 per cent.
Rental prices have seen even sharper growth in the same period, with average rent for a two-bedroom flat now standing at £1,225 – up 11.4 per cent.
Read more: Solving Bristol’s housing crisis
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