A recent survey* to identify the least affordable city in the UK, positions Bristol at number 12 up from 13th in 2016, with Bristol house prices 8.7 times higher than the average salary. Data found that the average house price in the city outpaced the growth of earnings over the past five years, with home affordability generally across the UK at its worst since 2008.
This follows on from Bristol being identified as the latest property hotspot**, with property values in the city rising faster than any other in the country. Values in Bristol increased by 9.6% in 2016 to an average of £261,600.
As a Law Practice providing a conveyancing service, there doesn’t seem to be any evidence that affordability is causing a problem for purchasers. With the continuing low interest rates there are a number of buyers in the marketplace – the issue, based on estate agency feedback is that the number of properties available is lower than it was five years ago, restricting the choice for buyers. The flipside of this though, is that this keeps house prices higher.
Property is a long-term investment, it can have its ups and downs, but in the long-term it has always out performed, so if you’re looking to buy or sell your property and you need a reliable and efficient property lawyer then get in touch with the property law experts, here at Battrick Clark.
Ruth Sampson
Battrick Clark
0117 973 1391
*Lloyds Bank Affordable Cities Review
** Hometrack UK Cities House Price Index