Bristol has seen dramatic change over the last decade, supported by the fastest growing economy outside of London; the city centre regeneration and a vibrant cultural scene sees Bristol regularly top the polls of the most popular places to live, work and invest.
With Bristol quickly establishing itself as an investment hotspot offering property investors high rents and a very strong economy, we’ve put together a list of ten reasons why, if you’re a property investor, you might want to find out more about what Bristol has to offer…
1. High employment rates
Of a population of 731,800 in 2016, the overall employment rate in Bristol is well above the UK average at 77% and the average weekly earnings in 2017 was £525.50, also higher than the UK average.
2. Fast growing economy
More than 80 people a week are moving from London to Bristol, and the numbers could well be increasing, latest figures have shown.
In fact, Bristol has overtaken London and Manchester to become the 8th fastest-growing city economy in the UK. A study by law firm Irwin Mitchell and the Centre for Business and Economic Research says Bristol’s economy grew by 1.9% in the 12 months to the end of June 2017 and was valued at £13.8 billion.
Bristol is also set to be one of the UK’s fastest growing cities over the next three years with Gross Value Added (GVA) of 2.3%. According to EY’s UK Regional Economic Forecast, Bristol is expected to grow faster than London’s 2.2% and the UK average of 1.8%. Bristol’s growth will also outpace the broader South West with forecasted growth of 1.7% until 2020.
Bristol is home to a thriving start-up scene and entrepreneurs benefit from the numerous co-working spaces and business incubators such as the Bristol & Bath Science Park. According to a UK Powerhouse study, the technology sector in Bristol increased by 38% between 2012 and 2015 – this compares to a national average of 14%.
4. Location and connections
With excellent rail and motorway connections, many people commute from Bristol to London on a daily basis.
Plus, within the next couple of years, London commuters will be able to travel to work in more comfort and from a greater distance as the electrification of the rail line extends west into South Wales. Journey times will be shortened by approximately 20 minutes, making the commute from Bristol around 80 minutes rather than 100.
5. House prices
When reviewing property prices, the latest UK House Price Index data shows that the average property price in Bristol is at £278,638 which is 23% higher than the national average of £225,621. Plus, according to Zoopla, over the past five years, Bristol has seen 33% growth in property prices and the rise in Bristol house prices since 1995 has been revealed as one of the highest jumps in the UK.
As well as an increase in property prices, Bristol is showing very strong rental growth over the past year and according the March 2018 BTL Index, Bristol was listed as no.12 in the UK for positive rental growth, having moved up from no.19 in December 2017.
6. Days to sell
As Britain’s fastest-selling property market, homes on average take just 34 days ‘subject to contract’ to sell – making Bristol one of the speediest property markets in the UK when compared to the UK average of 61 days.
7. Total property value
Bristol is the next most valuable city after London, with homes worth an estimated £115.21 billion. It is also the only city in Britain apart from London where the total value of homes is over £100 billion.
8. Leading university town
Bristol is a thriving university town and is home to the University of Bristol and the University of the West of England, as well as the Bristol Institute of Modern Music. The University of Bristol is listed as the 9th best university in the UK and despite a slight slip in world rankings from 71st to 76th, it still finished ahead of rivals such as St Andrew’s, Bath, Leeds and Nottingham.
Many graduates choose to settle in Bristol after their courses have finished, drawn to the city by the educational provision and kept there by high employment rates.
9. Cool city status
Bristol has been named as Europe’s trendiest city in the National Geographic Traveller UK’s Cool List, which sets out the world’s ultimate 18 must-see destinations for 2018. It ranks Bristol as 11th on the list – ahead of Abu Dhabi, Paris, Mauritius and Amsterdam – and places it ahead of any other European city – despite other European countries as a whole ranking more highly. Bristol is also the only British destination at all to make the list.
10. Global businesses
The city is home to a wide range of national employers – with virtually every area of trade thriving, including retail, construction and manufacturing, storage, transportation, IT, communications, health, social work, and scientific and technical industry. With plenty of government investment in the area, other areas of industry are beginning to grow, including engineering, insurance, media, aerospace and military operations.
Here at Hubb Property Group, we are preparing to launch a number of Bristol investment opportunities to our network of investors. For more information or to register your interest, please contact us.
- https://www.bristolpost.co.uk/news/bristol-news/eighty-people-week-moving-london-995488 / https://www.businessleader.co.uk/bristol-forecasted-one-uks-fastest-growing-cities-2020/38089/
http://landregistry.data.gov.uk/app/ukhpi/browse?from=2017-02-01&location=http%3A%2F%2Flandregistry.data.gov.uk%2Fid%2Fregion%2Funited-kingdom&to=2018-02-01 / https://www.zoopla.co.uk/market/bristol/?q=bristol / https://www.lendinvest.com/blog/wp-content/uploads/2018/03/BTL-Index-March-2018-Report-4.pdf