Londoners making the move to Bristol
Bristol has seen an incredible explosion of culture, over the last 10 years, which has made it one of the most desirable places to live in the country. The London market has played a huge factor in this of course. Average housing prices in London have reached an all-time high of over £510,000 (June 2021 ONS data), almost double the national average (£266,000). Rental prices are also almost twice the national average in London compared to the rest of the country, and, after a short lapse in price growth due to reduced demand during the pandemic, are forecast to increase by 5% annually until 2024.
The knock on effect of this, is that rental prices have risen considerably in London, and so it has become more and more difficult to live there. Forced out of the London market, those previously living and working in London have needed to find new places to live, which offer a similar cultural experience and are within an easy commute of the capital. Bristol fits this bill perfectly. A 96-minute train journey from London, means that many can make the journey every day for work. Londoners are also attracted to work in Bristol’s primary industries of aerospace, media, defence and finance.
With the increase in traffic between London and Bristol, the government has spent £700 million on the Bristol to London train line since 2014, which has cut the journey time by approximately 20 minutes. This improvement in infrastructure has further allowed for movement of workers between the two cities, increasing levels of worker rehousing from London to Bristol.
However, the influx of Londoners in Bristol has contributed to the inflation in the Bristol housing market in the past few years, both directly and indirectly. Not only has a steady stream of well-off workers, looking to live in Bristol, driven market prices up due to increased demand, but the improvement to Bristol’s culture that has come as a result of Londoners moving there has made Bristol an even more desirable place to live, thereby driving property prices up.
In terms of the Bristol rental market, despite a short dip during the Pandemic, both prices and demand continue to rise. We are achieving record rental rates across the board in all areas of the City, (including those with a historical cyclical nature, like some in the North of the City) and finding a huge demand when booking viewing slots. Family lets regularly attract in excess of 100 applications, which then get pre-qualified before viewings, leaving enough to fill two viewings slots, with the remainder making it onto a Waiting List. In terms of HMO rooms, we received 26 messages in the space of a 24 hour period last week, with quality applicants missing out and asking to be put on the waiting list.
The current picture tells a tale of demand vastly outstripping supply, with rents at an all time high and no sign of this situation abating any time soon. What does this mean? It means that now is a great time to be a Landlord in Bristol!
We enjoy great relationships, with many portfolio landlord investors in Bristol. As investors ourselves we are able to add value when it comes to looking at different parts of the City for various investment models, sense check the figures, advise on rental levels and even get involved with the refurb and design. Come and talk to us – if we can help, we will!
If we can add value for you, with a truly passive property management solution, finding you your next perfect tenant or you want to talk about compliance in your property, then give us a call on 0117 440 6789 or email us here
