News / News Wire
West house prices to soar 24% in five years
House prices in the region are expected to rise by 24 per cent over the next five years, a rate of increase second only to London and the South East and faster than the UK average, according to a new report.
Property consultancy JLL said prices in the region would rise four per cent in 2015, in line with the national average, but outstrip the UK up to the end of the decade.
The group said property ownership is becoming “increasingly restricted to the wealthy” with the biggest problem facing the UK housing market being lack of supply.
They added that despite a recent increase, housebuilding activity was “woefully insufficient” and created the conditions for rising prices.
Paddy Sykes from JLL said the region was a “victim of its own success”.
“With prices rising here at a rate second only to London and the South East, housing is in ever greater demand whilst supply remains worryingly slow to come through,” he said.
“A creative and rational approach to house building is required at all levels in order to ensure the region continues to maximise its economic potential.”
The report comes after a freedom of information request into Bristol City Council showed the lack of building work going on to deal with the reported 14,000-strong waiting list for homes.
The council revealed that just six council houses were built in the city in 2013/14, while 142 were sold under right-to-buy legislation.
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