Culture, History, and Business
Bristol was the first English town to attain the county status. It was a major trading center in England. Its port was established in the eleventh century. The twelfth century saw the town become a manufacturing and shipbuilding center.
Bristol was the UK’s eighth fastest-growing city economy in 2017, ranking above Manchester and London in the process. Furthermore, the Business and Economic Research stated that between June 2016 and the same period in 2017, Bristol’s economy grew at a rate of 1.9% to rise to a valuation of £13.8 billion. In 2019, the employment rate for the city’s urban populace was 76.2%. As start-ups and entrepreneurs are moving to this city, a lot of co-working spaces are beginning to spring up. Analysis shows that since 2017, over 80 people have made the residency switch from London to Bristol, and that number will keep on rising according to the reports.
Data from the UK House Price Index in 2017 suggests that average house prices in this city were £278,638, which was 23% higher than the UK average at £225,621. In 2019, the average house prices in this city were £311,000 compared to the UK average at £301,000. Zoopla stated that between 2013 and 2017, property prices in Bristol grew by 33% and that the growth of the city’s house prices since 1995 has been amongst the highest. Bristol’s property investment market has been outperforming the nation’s average for the past five, ten, and twenty years.
Asides London, Bristol is the only city in the United Kingdom that has the total home value to be estimated at over £100 billion. It is the second most valuable city behind London. Homes in Bristol are estimated to worth £115.21 billion. Before a property is sold in Bristol, it stays on the market for an average of 51 days. This is slightly better than the national average with property days on the market at 57 days.
Rental yields at the city center are at a rate of 4.27% while outside the city center is 4.94%. The cost of renting a one-bedroom in the city center and outside the city is £885 and £730, respectively. The cost of an apartment in the city center is £4,440.91 per sq. meter while outside the city center cost £3,007.64 per sq. meter.
The subsequent articles will introduce you to reasons why you should consider Bristol as a destination for real estate investment, and the hottest neighborhoods to invest in the city.