Expert shares where three of the top property hotspots are in UK
House prices are falling across the UK, which is good news for buyers. Data reveals that the average price in Bristol[1] is now GBP350,927, which is a 2.4 per cent drop from last year. In North Somerset[2], properties fell by 0.2 over the past 12 months.
UK-wide, house prices fell by an average of GBP1,497 across in September, equivalent to half a per cent. The average home cost GBP291,385 in the UK in the 12 months to September, according to the latest house price index data from the Land Registry. Now, a housing expert has revealed that three of the top 10 property hotspots in the UK are here in Bristol.
This means that the value of the properties continues to rise faster than in other areas of the country. To
Samuel Gee of Bristol-based financial planning and mortgage broking firm Manning Gee Investments said: “It’s fascinating to note that Bristol continues to have some of the UK’s most popular property hotspots, as reported by Rightmove, with different areas such as St George, Bishopston[5] and Bedminster[6] making up three of the top 10 hotspots in the UK, with Horfield[7] and Fishponds also on this national list based on SSTC data from August/September this year. “These neighbourhoods evidently enjoy considerable popularity, and while St George[8] boasts an average property price exceeding GBP315,000 – making it less accessible for first-time buyers – it emerges as an enticing choice for those looking to step up in the property market.
It is true that gentrification often accompanies the rise in popularity of certain areas, and Bristol is obviously no exception. The surge in property values, as evidenced by the average prices in St George, Bishopston, and Horfield, suggests a transformation in these areas.” Commenting on the falling house prices, he added: “I don’t believe we are heading for a market crash in Bristol; in fact, given all the instability of the last 18 months (or longer), you’d think the market has had every opportunity to crash, but it hasn’t.
Sales are slower and buyers are in a much stronger position than they were last year, but the market has held up fairly well overall.” And for sellers who are worried about the value of their home, he said: “Falling prices don’t mean that you can’t remortgage. The worst case is that you are forced to stay with your existing lender, although in many cases over the last year this has been the best option for homeowners anyway.
“If your home is for living in then values don’t hugely affect you unless you want to sell. If your house is worth less when you remortgage, this might mean the deal is not so good, or lenders are limited, but overall it should not cause a big issue. “Bristol has a resilient housing market, and while there are obvious fluctuations and downward pressure, I expect this to be less than the average nationally.
First-time buyers are in a relatively good position as even though interest rates are much higher than two years ago, the cost of a mortgage compared to rent is still favourable. Not only that, but with a large buy-to-let market in Bristol, under-pressure landlords may well be keen to give attractive deals to purchasers who can move quickly.” And, the ‘market chaos of 2020-22’ when buyers had to offer well over the asking price to achieve their purchase has stopped, he added. “The balance has definitely moved back to empower those in the fortunate position of being able to purchase their next home, and while the process of this is likely to be drawn out, and still risky in terms of chains breaking down, the overall expectation locally remains reasonable,” he said.
You can see how your local authority compares by using our interactive map:
References
- ^ reveals that the average price in Bristol (www.bristolpost.co.uk)
- ^ North Somerset (www.bristolpost.co.uk)
- ^ : Half of UK tenants are living in ‘Dickensian death traps’ (www.bristolpost.co.uk)
- ^ click here (www.bristolpost.co.uk)
- ^ Bishopston (www.bristolpost.co.uk)
- ^ Bedminster (www.bristolpost.co.uk)
- ^ Horfield (www.bristolpost.co.uk)
- ^ St George (www.bristolpost.co.uk)