In light of the recent Brexit vote, what can property investors in Bristol expect in the housing marketplace? The ramifications of the UK’s vote to leave the European Union will have far reaching consequences. What these consequences will be and how they will play out remain uncertain, and this economic uncertainty can lead to volatility in both the financial and housing markets.
The Housing Market since June 23rd
Officially, we will have to wait for the Office of National Statistics (ONS) to release their report on the 27th October. Unofficially, and perhaps even more usefully, we have nearly a full quarter year set of figures, from a raft of sources, to get an idea of where the housing market stands. Commentary from the press swings wildly depending on which paper you read, and so it’s more use to look at data from those in the front line.
Examples of those calling for calm are the Royal Institution of Chartered Surveyors, with senior economist Jeffrey Matsu saying “We have moved away from the knee-jerk reaction”. This optimism stems from signs that the housing market has not seen the doom and gloom some predicted from a “leave” vote. Housebuilders Persimmon report an increase in buyer interest. Meanwhile online site Rightmove say that interest in buying new homes remains solid, with figures in line with the last six years.
For those with an interest in Bristol Property Investment
The July Hometrack UK Cities House Price Index shows Bristol remains the most buoyant location in the country in which to buy property. Not only is the forecast growth excellent, the growth is indicated by PwC to be sustained into the 2020 and beyond.
Often close to topping, or outright winning, “best places to live” polls, Bristol has a hugely exciting and bright future ahead of it. Its traditional strengths such as culture and educational establishments are being combined with more recent improvements in shopping, leisure and home development.
- The Bristol to London train lineIts central location means that the national capital is only an hour away by train. The new electric trains, due in 2017, will reduce the current journey time to the capital to 1hr 18m.
- The New ArenaAt the heart of the Bristol Regeneration Zone, one of the UK’s largest urban regeneration projects, is the Bristol Arena. Built near Bristol Temple Meads, this 12,000 capacity entertainment venue will bring a much-needed world class music, comedy, and family entertainment facility to Bristol.
- The Mall extensionThe Mall is set to expand. With additional shops, transport links, hotel and bus station, this expansion will be sure to make the area even more attractive.
- The Indoor Ski Slope CentreLocated near to the Mall at Cribbs Causeway, this development will see an indoor ski slope, indoor skydive centre and café facilities. These facilities will make the area a prime “whole day out” destination.
- The New MetroBus SystemWith the aim of reducing emissions while getting more people around the city quickly and efficiently. This in turn should alleviate traffic congestion and open up more transport links into the city.
- The Ever Expanding Universities: UWE and Bristol UniversityBoth these distinguished seats of learning have ambitious and far-reaching expansion plans. The University of Bristol plans on both on and off campus development while UWE is building a raft of new projects, including a University Enterprise Zone and new business and law school.
The impressive housing growth, and serious set of improvements to an already impressive city, mean one thing; the price of homes in the area will rise as they become more desirable. Recognising and forecasting for this growth means that Bristol is a fantastic opportunity for property investment, even in light of the leave vote.