News / Housing
What Brexit means for Bristol house prices
Bristol’s house prices are continuing to grow faster than anywhere else in the UK, despite uncertainty over Brexit.
The latest data from the Hometrack Cities House Price Index has revealed a growth rate of 14.7 per cent over the the last year to an average price of £253,400.
In May, the city became the first place outside of the South East to see house prices rise at a faster rate than London for more than six years.
is needed now More than ever
While Bristol’s house price inflation continues to grow, the new figures now show that year-on-year house price inflation in London started to slow between May and June 2016 – which may have knock-on effect for the rest of the country.
The slowdown has also been seen in the falling number of property sales over the last three months. In London, eight per cent fewer homes were sold in the last three months compared to the 12 month average. The number of sales in Bristol stayed the same.
Richard Donnell, director at Hometrack, said London was expected to “take the brunt” of any post-Brexit slowdown.
He said: “The reality is that it is still very early days to assess the true impact of the Brexit vote on the housing market.
“Our view remains that sales volumes are likely to slow and price growth will moderate over the second half of the year.
“The severity of a slowdown will depend upon the response of consumers and businesses to the uncertainty created by the decision to leave the EU and the impact this has on the economy.
“The early market activity data confirms our view that London will bear the brunt of any slowdown.”
Photo by Joshua Perritt
Read more: Bristol’s affordable housing failure revealed
Our top newsletters emailed directly to you
