Central Bristol Property Market
The center of Bristol property market has shown a decline since a peak in 2021.
The average price of a city center property in 2021 was £398500. In 2022 the average city center property price was shown as £335000. (Ref : Bristol World)
Many developments are planned in the central Bristol area including approximately 450 new units which could be built in The Galleries. There is concern that this will result in over supply.
The market for small 1 / 2 bedroom flats in Bristol has slowed in Bristol over the past twelve months. An example of this is in the BS1 area. On the Rightmove website there are currently around 18 1 / 2 bedroom flats for sale within ¼ mile of the BS1 6SZ postcode. Ten of these units have had price reductions and still remain unsold. When first purchased, the flats attracted a “New Build” premium which is lost on resale.
The market for flats has generally been adversely affected by a number of factors, including the Grenfell Tower fire.
The Building Safety Act of 2022, which came into force on 1st April 2023 has also caused problems with the conveyancing process as it adjusts to the effects of complex new rules.
Overall, activity in the UK property market has reduced due to the rise in interest rates which has created uncertainty and affordability issues for purchasers.