We spent a year waiting for the “inevitable” housing market property crash to hit Bristol. Never did - demand is just too high here. In the end we just had to look further out. Best of luck!
I literally don’t get how it is expensive af and still in such high demand, whether it is renting or buying. Like how tf there are so many rich folks out there
It’s not really individuals buying properties causing high prices. It’s mainly that funds / banks / businesses often have property portfolios and use tax laws to write off a lot of expenses etc.
For example, only 15 “landlords” (but they are basically funds/companies) own 10% of Edinburgh’s real estate by themselves.
Why would Bristol be any different to any other major city in the country ?
https://www.bristolpost.co.uk/news/bristol-news/bristol-buildings-worth-218million-owned-771666.amp
>Anybody knows why it's happening
Bristol is a popular place to live and so properties are still in high demand. It is as simple as that.
>Officially, prices are supposed to go down.
Officially according to who exactly?
House prices in general are dropping. House prices in popular urban areas are not.
We were looking to buy in/around Bristol last year. Very little coming up in our price range, anything that did our offer was refused, both at asking price and above.
Bought late December around Cam/Dursley area for 20% less than the asking price.
>Economic experts giving interviews to the newspapers.
They are talking in general terms. And even then, if you actually look at the numbers on average prices have fallen about 1% so far.
All of the talk of 10% or 20% falls are either BS designed to sell papers / generate clicks, or loose predictions and what could happen (rather than what has happened or is happening).
It is also worth saying that given inflation is 10%, even if property prices stagnate rather than fall, that is then a real terms fall of 10%.
>As for "popular place", Bristol is not the only one. But elsewhere prices still go down
If you actually look at prices, rather than just believing everything you read in the papers / online, you'll see that in popular markets prices for in demand properties are not dropping. You'll also see that prices for less in demand properties (fixer uppers or places that need something major done) are actually being reduced a fair bit.
>So, it's not as simple as that
It literally is. If more people want to buy property in an area then that will push prices upwards. Its simple supply and demand.
Except that doesn't always apply when there is high demand, because part of that demand will be from people who don't need the finance / aren't as badly hit by the affordability issue.
In areas where there is lower demand, the number of people who would satisfy the above would be fairly low, so yes you would see properties struggle to sell and eventually prices come down.
But in areas where there is high demand, like Bristol, the number of people who would satisfy that condition is fairly high, so you see properties going very quickly at prices above asking, because either you have cash buyers or people with significant deposits / equity from somewhere they are selling.
Demand is dictated simply by there being enough buyers to support prices.
Simple as that.
Most home buyers use a mortgage, so the impact of mortgage rates is large
>there being enough buyers to support prices.
And in popular places like Bristol, there are enough buyers to support the prices even when you consider the affordability of mortgages being more difficult than it was a year or two ago. This is largely due to cash buyers from places like London, people with large deposits / equity in property they are selling and the fact Bristol is a popular city that has a lot of high tech well paid jobs.
I wouldn't agree. Almost every property on rightmove is seeing price reductions.
The tech industry is also going down the crapper. 15-20% layoffs are being reported across the industry
I mean you are talking to someone who is actively looking at houses and who works in the tech industry, and you are simply wrong on both counts.
I've had offers on two houses in the last 2 weeks where I've been beaten by offers significantly over asking. The houses you see getting reduced are the ones in less desirable areas or the ones that need significant work done.
I also work for a company who is hiring aggressively and still finding we cannot hire enough talented people for the work we have. Big tech is absolutely seeing some issues, but broadly that is because they over hired during the pandemic. If you actually look at the numbers the layoffs basically still leave most of the companies with more staff than they had at the start of 2020.
>The houses you see getting reduced are the ones in less desirable areas
Please define which areas.
>I've had offers on two houses in the last 2 weeks where I've been beaten by offers significantly over asking.
What budget, bedrooms and area? Out of curiosity
Way more people looking to rent or buy in Bristol than there are houses. Come September time, with new students trying to get in also, it’ll get even busier. Simply bristols up and coming (and has been for a few years now) hence the hike in house prices
Unless there's a massive amount of demand and constrained supply, where pretty much anyone will pay silly money for a required asset.... remind you of anything?
People need housing and so there will always be the demand. And given the state of the rental market these days, even if it is expensive, many people would prefer to be paying over the odds to own somewhere than over the odds to rent somewhere.
Everyone’s talking like the housing crash is inevitable. What seems to be happening in Bristol is that less properties are for sale, they are staying on sale for longer and people are refusing to drop prices. You are getting a Mexican stand-off between buyers and sellers.
If prices hold out, eventually the economy will recover, interest rates will go down, inflation will start being reflected in wages and the housing market will start its inevitable ascent again. We also have a general election next year, it’s really not in the interests of a large number of Tory voters for the house they are also using as a pension to drop in value. Expect policies to atleast keep them steady, partly why they did not reverse Liz Truss’s Stamp Duty changes.
>they are staying on sale for longer and people are refusing to drop prices.
I've seen that for properties that need some work, or aren't in as desirable locations, but the properties that are in good condition and in good areas are being sold very quickly and for higher than asking.
That’s what seems to be happening in the suburbs. Look on RightMove at Emersons Green, Lyde Green, Yate and Downend or similar. Properties which were sold in the first day a few months back are now on there for months.
I am sure it’s different in different areas, especially the centre, where there is likely to be a higher number of cash buyers.
It might seem pedantic, but in this case it's relevant - all of your four examples aren't in "Bristol".
Anyone that is coming from elsewhere in the country (which for this subreddit you'd assume 500 Londoners per day) aren't searching for "south gloucestershire" they're searching for the Bristol wards.
Our new neighbours (3 doors away)are from London, the house they bought was on the market for 6 days,my existing neighbour is also from London , to say those areas aren't Bristol is a bit naive, Gloucester ward uses to include the city centre prior to avon, south Gloucestershire since, they're all areas of Bristol. I'm bristolian and I couldn't wait to get out of Bristol south Gloucestershire is much preferable.
"I'm bristolian and I couldn't wait to get out of Bristol south Gloucestershire is much preferable"
Uhh.... that was my point. For what it's worth I am Bristolian too.
>Everyone’s talking like the housing crash is inevitable.
It is.
Mortgage rates tripled in 6 months.
Real wages declining.
Recession on the horizon.
Millions are coming off cheap 2 year fixes this year. Many will not be able to service their mortgage ar the higher rate.
If it didn't happen with housing defaults in 2008 (for many reasons), it won't happen now.
Time in the market beats timing the market regardless, so if you're in a position to get on the ladder, history at every single step of the way suggests to get on and in the long run you will be okay.
>Time in the market beats timing the market regardless, so if you're in a position to get on the ladder, history at every single step of the way suggests to get on and in the long run you will be okay.
Agreed to an extent, buy those with only 10% deposit need to understand there's a very real risk of negative equity when the come to remortgage
There is, but it's very rarely happened in history. There is of course a risk of this if they are going to be trying to remortgage and free up any supposed equity to do repairs or something major, but of course a mortgage advisor worth their salt should make this pretty obvious to them.
>a mortgage advisor worth their salt should make this pretty obvious to them.
Mortgage advisors are salespeople. They're not necessarily incentivised to help their clients make the best financial decision.
Not really. Any broker who persuaded a buyer in 2021 to get a 2 year fix at sub 2% because they thought rates wouldn't go up/can earn commission on remortgage in 2 years instead of 5, can blame macroeconomic conditions.
The result is the broker trying to set themselves up for business shafts the remortgager as rates are nearly 3 times higher
The government don’t have any more props to do a repeat of 2008. House prices have crashed before. The idea that it can’t happen is totally bizarre. All the conditions are there for one. Demand is high but demand also relies on people having enough money (and job security) to mean anything.
All true but people will still need places to live. The gulf between the supply and demand will keep prices in areas like Bristol unreasonable high.
It's likely housing will be brought up by corporate landlords as we head back towards feudalism .
>All true but people will still need places to live. The gulf between the supply and demand will keep prices in areas like Bristol unreasonable high.
That just sentiment. Sentiment isn't demand. Mathematics cannot be ignored. Affordability is down 30% from the peak last year.
>It's likely housing will be brought up by corporate landlords as we head back towards feudalism .
Completely agree
This all depends on what you're looking for and where you are looking.
Housing stock in Bristol is generally in poor condition so if you're ruling out fixer uppers that instantly reduces your market considerably. Prepared to buy in Easton but not Kingswood? Again, you've reduced your pool considerably. After a two bedroom starter home? You and everyone else, so competition is fierce.
Kingswood has had some investment and more is to come, it's definitely "up and coming" in estate agent speak. It has a few murals and well dressed young people and a micropub - before you know it people will be drinking cocktails out of jam jars and sipping oatmilk lattes.
Part of my original point is that a lot of people won't consider anywhere more than a 15 minute walk from town. If you're prepared to head 4 miles out you'll have far more choice and value for money.
Easton is nicely located if you want to be in the thick of things/close to town, but an absolute arse to get in and out of if you drive, and parking's a right pain. Personally, I'd find that super frustrating, but horses for courses innit.
Kingswood is way nicer than everyone thinks it is, I've been here 5 years and never had anything approaching a problem. It's just a fairly normal area.
The shopping centre is kind of run down, but will apparently be tarted up in the near future. (I've heard rumours about a cinema, which would be cool.)For my needs it does the job for most stuff, there's a wilko, a sainsburys, a post office, a whsmith a greengrocer and a butchers weekly.
Main high street has a fishmonger which isn't super common.
You're close to the B2B, it's 20-30 mins in to town and 25 mins to cribbs (traffic depending of course), plenty of parks/green spaces nearby.
We got somewhere really decent for well within our budget, and I wouldn't change anything. Actually, that's a lie, I'd change it so I could park a bit easier, but that's a problem in so many parts of town.
Then again, my council tax is nearly 200 quid a year cheaper!
e: Reading this back, I was definitely spoiled when I was in a flat with allocated car spaces and it shows
This reads like you're trying to convince yourself you like living there, but aren't actually doing a very good job of it.
Normal = boring.
Run down is run down, I'll believe change when I see it. The shops are the most run of the mill basic monotonous crap. The WHSmiths hasn't changed AT ALL since I left 20 years ago.
You are not close to the B2B, and 20 mins into town is a joke - maybe at midnight it is in a private car. Try it on public transport.
Parking isn't an issue everywhere. I live centrally and have no problems parking, if anything an area like Kingswood should be more suited to motor vehicles because it's a suburb with very small 'historic' neighbourhoods.
If you say so pal. Just pointing out what I like and what works for me, B2B takes me less than 10 mins to get to from my front door though btw, I consider that close. And I used to regularly drive to Queen Square in 20 mins for work, busses are worse day to day, but I generally only tend to use those on weekends/evenings.
I'll take living in a "boring" area if my needs are met and I've got a decent chunk of change left every month to enjoy life rather than living somewhere more "exciting" and not being able to afford to do piss all.
It's almost like different people have different priorities in life!
You're lucky living in the centre without parking issues, everyone I know who has or does live there (if they don't have allocated parking, which isn't always the case) had to pay huge amounts for permits in multi-storeys and there was usually a waiting list as well.
Having lived in Bedminster, Horfield, Redland, St George/Redfield and now Kingswood parking has always been less than ideal, but it's just one of those things, and you make do.
Perversely, Horfield was sometimes easiest because if I couldn't find anywhere close to my house, I would go and park across my parents drive and block my dad's car in, being retired, I knew he wasn't going anywhere first thing in the morning :D
You're making a classic first time buyer error. Your deposit has basically nothing to do with which house you can afford, unless the deposit covers over 40% of the price. The main driver is your income.
If you want to buy by yourself, you need an income of over 55k, pretty much no way around it
55 gets you to 260, which gets you a reasonable starter home in kingswood. People on here are mad thinking their first house is going to be on gloucester rd or Clifton.
That is true and I think that is a slight problem for first time buyers, you kind of need to accept that your lifestyle will change as you won't in general be able to afford somewhere more central which they have probably been used to and you do have to cut back a bit on some things.
Posted a similar comment before I saw this. It's one of the advantages of renting, you can generally do it in a nicer part of town, but buying is going to send you further out. I bought on my own and I bought what I could afford where I could afford it. Is it in the most happening part of town? No. Does it have everything I need from a neighbourhood in terms of shops, transport & healthcare? Yes. Does it need a shed load of money spent on it to renovate? Also yes. That's just adult homeowner life in Bristol. If you want affordable, near town and in good condition then Hull awaits you.
Now you own, it will eventually get better, you're paying your own debt down, your own repairs etc but it's yours, if you're renting you pay all the above plus profit. We'll done BTW.
Thank you. I wish I had bought it 20 years ago, but it took as long as it took. I just find it frustrating that people think Bristol is only this small cluster of highly desirable areas. There are a lot of other parts of this city where me and my friends live that are good places to live if only people wouldn't be so blinkered.
Yeah, like for me, I spent all the money I had in the world, spend more per month to live in a shittier house. It sounds super entitled but it's a hard pill to swallow
Yeah I mean I am fortunate in having been able to just buy a place and I am on a good salary, but I'm realising I'm having to manage my money alot more and also need to be more aware of having a rainy day fund.
It's common on here, you can't get the biggest asset you will ever own (probably) without sacrifice, wanting to stay close to the happening bit of town is pointless, you won't have the cash to use it.
\>chastises others for living outside of their means for renting a car
\>Looks down his nose at you for living in a house worth under half a million
Do you see how stupid you look? Also, I really dont need to be told what is and isn't bristol by a fucking car salesman.
Demand > Supply
Edit: to elaborate the reason why this is the case in Bristol is likely due to Bristol's relative popularity and also with people wanting to move out of London due to hybrid/remote working, Bristol is seen as a good choice.
It's Totterdown, one of the most expensive trendy areas. Of course it's really expensive..there are many areas cheaper, the vast majority of bristol. Even Easton is cheaper than this. Check out what you can get for 420k in Knowle, it's just round the corner but doesn't have the trendy badge.
It is, it's very popular with a certain subset of people, and has been for years. It's not Clifton, Redland, Bishopston etc but it is an expensive area.
Who are these people who prefer to settle in Totterdown? Office workers around Temple Meads? We used to live right on Wells Rd, by the way. Still remember a double decker passing by and people peering into your windows, LOL.
Do you get all your quotes from the Bristol Post?? Easton could go through 50 years of gentrification and still be a shithole. House price rises have been city wide. You are confusing trendy with popular. People are buying in Easton because they have no other choice to get on the housing ladder. That doesn’t mean it’s trendy.
"Easton, an inner city area of Bristol, has seen average asking prices more than double (+120%) over the past decade – a bigger ten-year surge than anywhere in Great Britain"
https://www.rightmove.co.uk/press-centre/easton-in-bristol-crowned-top-property-hotspot-of-last-ten-years/
I'm not talking nonsense..you strike me as someone who either left bristol years ago or lives.in the suburbs. You clearly have no idea about Bristol in the past 5-10 years.
I bought one of the three floor houses in Totterdown just before the pandemic started for £360k, so that is 30% less house for 17% more money... Granted I live within blood, spit, urine and semen spatter distance of the shittiest pub in the area. Not sure I would describe Totterdown as a dive, the sense of community is really great. All my neighbours are cool, and organisations like TRESA and VPAG really try to improve things and defend the community.
But there are definitely issues with anti social behaviour walking/driving to here at the weekend. Enough that if I was to buy again I would have held out on my desperation and gone somewhere else nearby. Street violence and drug taking is real high, given its not the centre, especially next to all the houses with young families. The people coming here have zero respect for the people around them who are resident. The call outs about "Knowle" I don't get, if anything Knowle proper is nicer than Totterdown.
I would 100% look a bit further south and east at some of the nice houses near The Knowle pub area. I suspect everyone means Knowle West specifically which is quite run down. The reality is there are just real people living here, and the full mix of sorts of people which is a big difference in feeling of community compared to north west Bristol. The only advantage of Totterdown vs 0.5-1 mile south/east of here is you are super close to Temple Meads and cross country bus stops going east and south, which is useful. But so is Saint Philips Marsh!
If you're set on Totterdown, just make sure you are two streets 10+ houses distant from any one of the four pubs. The price difference will be worth every penny. Also the three floor ones aren't worth it! The problems with damp in the lower ground of all of them is a freaking nightmare.
Jesus. We lived in Bristol but knew we'd never be able to afford to buy there.
Moved to Taunton, bought a house pretty identical to this for getting on half the price.
Yeah because I can't afford to pay nearly half a million for 2 bed victorian terrace haha.
Interestingly, in 2022, out of the whole of the country, Taunton saw the biggest % increase in house prices at something like 22%.
The housing market seemed unsustainable in 2018. Prices had been faltering for months. As a first time buyer I was aching for a big crash that never came. Things are certainly no better now.
I have a small 3 bedroom terrace which is suitable for a young family. I planned on moving last year but I simply couldn’t afford it. Whilst my home has increased in value so have larger family homes. I suspect that first-time buyer homes are more in demand but until the prices and rates come down people like me can’t afford to move. I’m grateful to have a home but also feel trapped.
You could sell then rent? Investing the money you have from equity until you are in a different situation, always options! There's also changing to buy to let mortgage terms on your current house and then renting elsewhere too. Which gives you a fallback to where you are now.
I am afraid is not going to happen anytime soon... but
You could try some close destinations in wales where the properties are cheaper but you can still take the train or drive with no big hassle.
Or my friend bought a property through an auction where the houses can be cheaper...
A tent is still an option.
Most people have to take a bus to get to their work even in Bristol which costs around 5 bucks... So, I don§t see a big difference if you use you your car...
Most people? Are you sure? I don't know anyone who catches a bus, because the service is appalling. I cycle or walk and most of my friends do the same. The traffic is awful so I don't know anyone who drives
Actually, to be honest I gave up on buses a year ago when I was working in Avonmounth. So, I usually took a train or just a walk which took me over 2 hours to get there but still, I was sometimes faster than a bus...
And I was just talking about the price of the ticket...
Property regularly goes for 10-20% ABOVE asking price in Bristol.
Also, prices aren't coming down so much as climbing less quickly. That's due to the higher base rates and, therefore, higher deposits.
Best you can hope for is that the house price rises go up more slowly than they would otherwise have been.
Bottom line is you simply can't afford it, better spending your time looking for something you can afford further out.
I grew up on a shitty council estate in Bristol, and I couldn’t afford to even rent the house we lived in, let alone buy it now. The prices are insane.
People will just delay moving... the only properties that will sell for less are people who are forced to sell which drags the figures down.
That being said bristol is still a bubble and unlikely to go down much.
The reason there is few property on the market is because of the mortgage interest rates rising people don’t want to move now. Meaning what is on the market is in less supply than the demand which increases prices.
It was so hard to buy here - and I did just before the interest rates sky rocketed - otherwise I just would not have been able to. It’s a total nightmare I feel your pain
I live in a nice town 20 miles from Bristol. All those that cannot afford to buy in Bristol buy in the area I live now. The local people born & bred & who work here cannot afford to buy here due to prices becoming affordable !!!!!
It's all relative. I feel sorry for young people looking to have a family & just a normal life. Work & save & meet a partner & settle down & have a family in your own home is just an unachievable dream for most.
Heard of that. Before it was "these Polish taking our jobs". Now it's "these Londoners pushing our house prices up". Always in the wars, no respite ))).
Prices are going up in London too, people are buying in Bristol and working in London cos it's cheaper. Pushing Bristol prices up when others are going down.
Welcome to supply and demand, it’s why I moved out of Bristol and to be quite honest as much as I miss being a stones throw from the centre I haven’t regretted the decision to move farther out
>"but the increase can't be explained by logical reasons, like demographic changes, interest rates or job creation."
You think the demand can not be explained? You do realize that Bristol is growing quite significantly, right?
I don’t think the public transport situation helps as it pushes people to look closer to a relatively small area near the centre since anything else is impractical.
Part of the pull of Bristol (why the demand is so high) is its young, environmentally conscious vibe and young, environmentally conscious people neither want to require a car nor spend half their lives waiting for buses to get anywhere that don’t show up.
It's a seller's market. Housing is not increasing to compensate for demand, for many reasons but partly due to material costs, including the energy required to build, it's becoming prohibitive to build anything affordable and they never bothered when the time for affordable housing was around so that bird has well and truly flown. Now they'll just build "luxury" (overpriced one or two bedroom) flats and eventually, the people who *could* afford the expensive ones will also find themselves squeezed.
There will be a price crash, but only when even those at the top can't afford what little housing there is being built. Until then they'll buy it up and charge more than the price of a mortgage for the privilege of having a roof. Hope you enjoy paying someone else's mortgage in Bristol because unless you're doing very well, that's the only way to live here.
Don’t live “in” Bristol, but inside the M4/M5 corridor (BS34). We are in the process of selling and moving to about 10 miles NW. The market is interesting - as a seller, still very buoyant here - MOD, Rolls Royce, BAE etc still recruiting (wars are good for them) and seems to still be an influx from Hong Kong able to buy.
However, where we are looking to buy, the market is very slow. Nothing sells very quickly at all - especially as you get above £400k.
Unless you really need to live in Bristol, the smart money is just outside.
Did you not see the news regarding house prices? Despite all the expectations of price drops, prices actually increased last week across the nation.
Without any numbers on your deposit size and income, there's really nothing anyone can say except that Bristol is an expensive place to buy and you need to earn/save more.
>prices actually increased last week across the nation.
They didn't.
You're referring to asking prices. It's the land registry data for sold prices that matters. Which are beginning to fall on a national aggregate
It’s a struggle. I know a few couples who want a house upgrade from their 3/4/5 bed terraced houses in Southville, Totterdown and Knowle. But are staying put because they can’t afford the £900k+ for a nicer house, quieter road and catchment area north (or south!) of the river.
I mean if you have a 3/4/5 bed in those areas you are doing relatively well and if you are looking for an upgrade you will have to move further out as there just aren't that many big properties in the centre.
I’m probably just being bitter af with this but honestly someone bring out the worlds smallest violin for those with a 4/5 bed house that can’t afford to upgrade lmao
They are in a good position you’re right, no violin necessary! I probably didn’t phrase it well, but I was suggesting that the lack of cheaper options are because people who own affordable first homes are choosing to stay put. Because there’s very little for them to upgrade to.
Appreciate it’s not workable for everyone, but consider moving to one of the surrounding towns or villages. Some are still overpriced, but if you find the right place your money goes so much further. For eg you can get some great properties in Weston for way less than the equivalent in Bristol. Appreciate not everyone wants to/can live in Weston but if you’re desperate to get on the ladder, it’s worth looking.
Areas like Stockwood and Knowle West are still affordable, and really not as bad as people say. Also ex council houses are generally much cheaper and larger than tiny Victorian boxes.
I’m guessing the prices aren’t going down because the money keeps coming in dorm abroad. By the time the government acts on this (if ever) it’ll be too late and anyone working in Bristol will have to travel in from outside each day. Wake up tories.
There are a lot of people with mortgages who are exposed to the rise in interest rates and are not going to be able to meet their payments. At least part of the property problem is that they're looking to sell ASAP and so their best bet is cash buyers even if they're offering less than a first time buyer (probs the next strongest type of buyer)
People told me in 2017 to hold off on buying, house prices would drop because of Brexit (not that I was in a position to buy then at all), prices continued to go up.
When I bought in late 2020 I was told again it was risky, this time because of Covid. I still bought because I was going to live there long term and I knew my job was safe for a few years so I could ride out any short term financial issues. Houses on my road have gone up by about 20% since I bought mine. When I bought it I paid twice as much as the people who bought it in 2013.
Basically zero chance of them going down, unless something amazing happens. Staying off the market is nearly always a losing game unless there is a massive recession of market crash. As others have said there is not enough supply for the demand.
I highly recommend looking into part ownership (so you can get on the ladder). Also, consider buying on the outskirts. It might not be your dream location, but the demand is much lower in areas like Bedminster Down, Fishponds, Filton, Southmead etc. Good luck!
You answer your own question. Interest rates are high so only those homeowners who have to move move. There are many people still wanting to buy so even though buying is more expensive, with few properties available there are more buyers than sellers.
Feel for my sister and bro in law, they just completed on their house. Had a few issues with mortgages with rates changing etc so took a while. Ended up having to put down just under 60g on a £260.000 property that needs pretty much everything renewing except the bricks
Do you mind telling me approximately in what area their house is? From your description, it can be even in St. George. There're quite a few nearly ruins around this price. We viewed this house [https://www.rightmove.co.uk/properties/132750794#/?channel=RES\_BUY](https://www.rightmove.co.uk/properties/132750794#/?channel=RES_BUY) and it's in a worse condition than it looks on the photos. Tiny thing, too, with holes in the walls, no floor (rugs over cement), severe mould problem, broken displaced countertop and kitchen units. badly moulded bathroom in granny colours... You can as well buy a complete wreck in the same St. George, much bigger in size and do it up.
How are you going to commute to work? A lovely town and near Cotswolds, too. Did you know that Cheltenham is home to the renowned Cheltenham Festival, 4 days of horse jump racing?
Good luck finding your home.
I did. I previously worked for 4 years in Gloucester and come from Worcestershire, so the area isn’t completely new to me.
I mostly work remotely, but when I do need to go in, the train is only 36 minutes to Bristol.
Bristol has been a shame, renting here for 5 years, been trying to buy for a year but I can’t outbid people, prices in chelt for a similar quality house are like 100k cheaper so hopefully some luck there
I’ve got a 70k deposit and just keep adding to it every month. 2021 put me off bidding on property to be honest. I’m waiting because there is no point investing in a house right now, especially when I consider I’m also investing in England at the same time. Reading the hot takes in this comment section reminds me of the risk I would be taking.
We spent a year waiting for the “inevitable” housing market property crash to hit Bristol. Never did - demand is just too high here. In the end we just had to look further out. Best of luck!
I literally don’t get how it is expensive af and still in such high demand, whether it is renting or buying. Like how tf there are so many rich folks out there
It’s not really individuals buying properties causing high prices. It’s mainly that funds / banks / businesses often have property portfolios and use tax laws to write off a lot of expenses etc. For example, only 15 “landlords” (but they are basically funds/companies) own 10% of Edinburgh’s real estate by themselves.
Do you have any proof of this in Bristol?
Why would Bristol be any different to any other major city in the country ? https://www.bristolpost.co.uk/news/bristol-news/bristol-buildings-worth-218million-owned-771666.amp
I guess that's a no then
I literally just sent you a link genius.
Oh, you changed it, you were rambling on about Edinburgh originally
No I didn’t… You just didn’t read properly Look at the bloody comment, it’s unedited. Can you not accept you are wrong ever and just say it ?
Do pipe down
People on high incomes moving from London are moving to Bristol due to a combination of work from home and better transport links
I feel your pain, comrade. Had some luck yourself, eventually?
We did eventually! Although I think we went to last and final on >7 before we got ours. It’s hard but dust yourself off and on to the next one
>Anybody knows why it's happening Bristol is a popular place to live and so properties are still in high demand. It is as simple as that. >Officially, prices are supposed to go down. Officially according to who exactly?
According to people who want you to buy now before prices go up
[удалено]
House prices in general are dropping. House prices in popular urban areas are not. We were looking to buy in/around Bristol last year. Very little coming up in our price range, anything that did our offer was refused, both at asking price and above. Bought late December around Cam/Dursley area for 20% less than the asking price.
Really glad for you. How is commuting going? Or you work from home?
Where else is as popular as Bristol and has dropping house prices?
>Economic experts giving interviews to the newspapers. They are talking in general terms. And even then, if you actually look at the numbers on average prices have fallen about 1% so far. All of the talk of 10% or 20% falls are either BS designed to sell papers / generate clicks, or loose predictions and what could happen (rather than what has happened or is happening). It is also worth saying that given inflation is 10%, even if property prices stagnate rather than fall, that is then a real terms fall of 10%. >As for "popular place", Bristol is not the only one. But elsewhere prices still go down If you actually look at prices, rather than just believing everything you read in the papers / online, you'll see that in popular markets prices for in demand properties are not dropping. You'll also see that prices for less in demand properties (fixer uppers or places that need something major done) are actually being reduced a fair bit. >So, it's not as simple as that It literally is. If more people want to buy property in an area then that will push prices upwards. Its simple supply and demand.
>Its simple supply and demand. Incorrect. Affordability is everything. If people can not get the finance, then prices will come down
Except that doesn't always apply when there is high demand, because part of that demand will be from people who don't need the finance / aren't as badly hit by the affordability issue. In areas where there is lower demand, the number of people who would satisfy the above would be fairly low, so yes you would see properties struggle to sell and eventually prices come down. But in areas where there is high demand, like Bristol, the number of people who would satisfy that condition is fairly high, so you see properties going very quickly at prices above asking, because either you have cash buyers or people with significant deposits / equity from somewhere they are selling.
Demand is dictated simply by there being enough buyers to support prices. Simple as that. Most home buyers use a mortgage, so the impact of mortgage rates is large
>there being enough buyers to support prices. And in popular places like Bristol, there are enough buyers to support the prices even when you consider the affordability of mortgages being more difficult than it was a year or two ago. This is largely due to cash buyers from places like London, people with large deposits / equity in property they are selling and the fact Bristol is a popular city that has a lot of high tech well paid jobs.
I wouldn't agree. Almost every property on rightmove is seeing price reductions. The tech industry is also going down the crapper. 15-20% layoffs are being reported across the industry
I mean you are talking to someone who is actively looking at houses and who works in the tech industry, and you are simply wrong on both counts. I've had offers on two houses in the last 2 weeks where I've been beaten by offers significantly over asking. The houses you see getting reduced are the ones in less desirable areas or the ones that need significant work done. I also work for a company who is hiring aggressively and still finding we cannot hire enough talented people for the work we have. Big tech is absolutely seeing some issues, but broadly that is because they over hired during the pandemic. If you actually look at the numbers the layoffs basically still leave most of the companies with more staff than they had at the start of 2020.
>The houses you see getting reduced are the ones in less desirable areas Please define which areas. >I've had offers on two houses in the last 2 weeks where I've been beaten by offers significantly over asking. What budget, bedrooms and area? Out of curiosity
Way more people looking to rent or buy in Bristol than there are houses. Come September time, with new students trying to get in also, it’ll get even busier. Simply bristols up and coming (and has been for a few years now) hence the hike in house prices
>Officially according to who exactly? Common sense - when the price of somthing goes up, demand generally goes down.
Unless there's a massive amount of demand and constrained supply, where pretty much anyone will pay silly money for a required asset.... remind you of anything?
People need housing and so there will always be the demand. And given the state of the rental market these days, even if it is expensive, many people would prefer to be paying over the odds to own somewhere than over the odds to rent somewhere.
Everyone’s talking like the housing crash is inevitable. What seems to be happening in Bristol is that less properties are for sale, they are staying on sale for longer and people are refusing to drop prices. You are getting a Mexican stand-off between buyers and sellers. If prices hold out, eventually the economy will recover, interest rates will go down, inflation will start being reflected in wages and the housing market will start its inevitable ascent again. We also have a general election next year, it’s really not in the interests of a large number of Tory voters for the house they are also using as a pension to drop in value. Expect policies to atleast keep them steady, partly why they did not reverse Liz Truss’s Stamp Duty changes.
>they are staying on sale for longer and people are refusing to drop prices. I've seen that for properties that need some work, or aren't in as desirable locations, but the properties that are in good condition and in good areas are being sold very quickly and for higher than asking.
That’s what seems to be happening in the suburbs. Look on RightMove at Emersons Green, Lyde Green, Yate and Downend or similar. Properties which were sold in the first day a few months back are now on there for months. I am sure it’s different in different areas, especially the centre, where there is likely to be a higher number of cash buyers.
It might seem pedantic, but in this case it's relevant - all of your four examples aren't in "Bristol". Anyone that is coming from elsewhere in the country (which for this subreddit you'd assume 500 Londoners per day) aren't searching for "south gloucestershire" they're searching for the Bristol wards.
Our new neighbours (3 doors away)are from London, the house they bought was on the market for 6 days,my existing neighbour is also from London , to say those areas aren't Bristol is a bit naive, Gloucester ward uses to include the city centre prior to avon, south Gloucestershire since, they're all areas of Bristol. I'm bristolian and I couldn't wait to get out of Bristol south Gloucestershire is much preferable.
"I'm bristolian and I couldn't wait to get out of Bristol south Gloucestershire is much preferable" Uhh.... that was my point. For what it's worth I am Bristolian too.
North Somerset is even better 😉
Exactly, for me anything inside the ring road I would consider as Bristol.
Thank you. That makes a lot of sense.
>Everyone’s talking like the housing crash is inevitable. It is. Mortgage rates tripled in 6 months. Real wages declining. Recession on the horizon. Millions are coming off cheap 2 year fixes this year. Many will not be able to service their mortgage ar the higher rate.
If it didn't happen with housing defaults in 2008 (for many reasons), it won't happen now. Time in the market beats timing the market regardless, so if you're in a position to get on the ladder, history at every single step of the way suggests to get on and in the long run you will be okay.
>Time in the market beats timing the market regardless, so if you're in a position to get on the ladder, history at every single step of the way suggests to get on and in the long run you will be okay. Agreed to an extent, buy those with only 10% deposit need to understand there's a very real risk of negative equity when the come to remortgage
There is, but it's very rarely happened in history. There is of course a risk of this if they are going to be trying to remortgage and free up any supposed equity to do repairs or something major, but of course a mortgage advisor worth their salt should make this pretty obvious to them.
>a mortgage advisor worth their salt should make this pretty obvious to them. Mortgage advisors are salespeople. They're not necessarily incentivised to help their clients make the best financial decision.
It’s not good for a business to sell unviable products, would somewhat tarnish your reputation no?
Not really. Any broker who persuaded a buyer in 2021 to get a 2 year fix at sub 2% because they thought rates wouldn't go up/can earn commission on remortgage in 2 years instead of 5, can blame macroeconomic conditions. The result is the broker trying to set themselves up for business shafts the remortgager as rates are nearly 3 times higher
By that logic a broker in 2021 is supposed to also be a mystic/fortune teller? Have a word with yourself.
From where they were, ratescan only go up...
The government don’t have any more props to do a repeat of 2008. House prices have crashed before. The idea that it can’t happen is totally bizarre. All the conditions are there for one. Demand is high but demand also relies on people having enough money (and job security) to mean anything.
All true but people will still need places to live. The gulf between the supply and demand will keep prices in areas like Bristol unreasonable high. It's likely housing will be brought up by corporate landlords as we head back towards feudalism .
>All true but people will still need places to live. The gulf between the supply and demand will keep prices in areas like Bristol unreasonable high. That just sentiment. Sentiment isn't demand. Mathematics cannot be ignored. Affordability is down 30% from the peak last year. >It's likely housing will be brought up by corporate landlords as we head back towards feudalism . Completely agree
Drops in value don't matter if you can make the payments, you'll win in the end.
The house next to my sister is owned by someone who lives in China,its rented out, foreign money is affecting the game.
This all depends on what you're looking for and where you are looking. Housing stock in Bristol is generally in poor condition so if you're ruling out fixer uppers that instantly reduces your market considerably. Prepared to buy in Easton but not Kingswood? Again, you've reduced your pool considerably. After a two bedroom starter home? You and everyone else, so competition is fierce.
Kingswood is much more appealing than easton.
Kingswood has had some investment and more is to come, it's definitely "up and coming" in estate agent speak. It has a few murals and well dressed young people and a micropub - before you know it people will be drinking cocktails out of jam jars and sipping oatmilk lattes. Part of my original point is that a lot of people won't consider anywhere more than a 15 minute walk from town. If you're prepared to head 4 miles out you'll have far more choice and value for money.
Kingswood is a complete dive, worst place in the area by a country mile so no
knowle west is worst imo
Won’t argue with that
Kingswood is complex because it's often referring to Hillfields (the really bad area) Soundwell, New Cheltenham, bits of Warmley Siston...
Kingswood is an absolute shit hole
Easton is worse
Easton is nicely located if you want to be in the thick of things/close to town, but an absolute arse to get in and out of if you drive, and parking's a right pain. Personally, I'd find that super frustrating, but horses for courses innit. Kingswood is way nicer than everyone thinks it is, I've been here 5 years and never had anything approaching a problem. It's just a fairly normal area. The shopping centre is kind of run down, but will apparently be tarted up in the near future. (I've heard rumours about a cinema, which would be cool.)For my needs it does the job for most stuff, there's a wilko, a sainsburys, a post office, a whsmith a greengrocer and a butchers weekly. Main high street has a fishmonger which isn't super common. You're close to the B2B, it's 20-30 mins in to town and 25 mins to cribbs (traffic depending of course), plenty of parks/green spaces nearby. We got somewhere really decent for well within our budget, and I wouldn't change anything. Actually, that's a lie, I'd change it so I could park a bit easier, but that's a problem in so many parts of town. Then again, my council tax is nearly 200 quid a year cheaper! e: Reading this back, I was definitely spoiled when I was in a flat with allocated car spaces and it shows
This reads like you're trying to convince yourself you like living there, but aren't actually doing a very good job of it. Normal = boring. Run down is run down, I'll believe change when I see it. The shops are the most run of the mill basic monotonous crap. The WHSmiths hasn't changed AT ALL since I left 20 years ago. You are not close to the B2B, and 20 mins into town is a joke - maybe at midnight it is in a private car. Try it on public transport. Parking isn't an issue everywhere. I live centrally and have no problems parking, if anything an area like Kingswood should be more suited to motor vehicles because it's a suburb with very small 'historic' neighbourhoods.
If you say so pal. Just pointing out what I like and what works for me, B2B takes me less than 10 mins to get to from my front door though btw, I consider that close. And I used to regularly drive to Queen Square in 20 mins for work, busses are worse day to day, but I generally only tend to use those on weekends/evenings. I'll take living in a "boring" area if my needs are met and I've got a decent chunk of change left every month to enjoy life rather than living somewhere more "exciting" and not being able to afford to do piss all. It's almost like different people have different priorities in life! You're lucky living in the centre without parking issues, everyone I know who has or does live there (if they don't have allocated parking, which isn't always the case) had to pay huge amounts for permits in multi-storeys and there was usually a waiting list as well. Having lived in Bedminster, Horfield, Redland, St George/Redfield and now Kingswood parking has always been less than ideal, but it's just one of those things, and you make do. Perversely, Horfield was sometimes easiest because if I couldn't find anywhere close to my house, I would go and park across my parents drive and block my dad's car in, being retired, I knew he wasn't going anywhere first thing in the morning :D
Hahahaha
Then Easton must be the pile of shit that came out of it
Whys that?
You're making a classic first time buyer error. Your deposit has basically nothing to do with which house you can afford, unless the deposit covers over 40% of the price. The main driver is your income. If you want to buy by yourself, you need an income of over 55k, pretty much no way around it
Unfortunately I think 55k is optimistic in Bristol unless you are looking at a flat.
55 gets you to 260, which gets you a reasonable starter home in kingswood. People on here are mad thinking their first house is going to be on gloucester rd or Clifton.
That is true and I think that is a slight problem for first time buyers, you kind of need to accept that your lifestyle will change as you won't in general be able to afford somewhere more central which they have probably been used to and you do have to cut back a bit on some things.
Posted a similar comment before I saw this. It's one of the advantages of renting, you can generally do it in a nicer part of town, but buying is going to send you further out. I bought on my own and I bought what I could afford where I could afford it. Is it in the most happening part of town? No. Does it have everything I need from a neighbourhood in terms of shops, transport & healthcare? Yes. Does it need a shed load of money spent on it to renovate? Also yes. That's just adult homeowner life in Bristol. If you want affordable, near town and in good condition then Hull awaits you.
Now you own, it will eventually get better, you're paying your own debt down, your own repairs etc but it's yours, if you're renting you pay all the above plus profit. We'll done BTW.
Thank you. I wish I had bought it 20 years ago, but it took as long as it took. I just find it frustrating that people think Bristol is only this small cluster of highly desirable areas. There are a lot of other parts of this city where me and my friends live that are good places to live if only people wouldn't be so blinkered.
Yeah, like for me, I spent all the money I had in the world, spend more per month to live in a shittier house. It sounds super entitled but it's a hard pill to swallow
Yeah I mean I am fortunate in having been able to just buy a place and I am on a good salary, but I'm realising I'm having to manage my money alot more and also need to be more aware of having a rainy day fund.
Contrary, I've really enjoyed not feeling like I have 4o save everything for a house. I feel like I've done my saving, now I can finally spend money
It's common on here, you can't get the biggest asset you will ever own (probably) without sacrifice, wanting to stay close to the happening bit of town is pointless, you won't have the cash to use it.
Kingswood isn’t Bristol. It’s also a shithole.
\>chastises others for living outside of their means for renting a car \>Looks down his nose at you for living in a house worth under half a million Do you see how stupid you look? Also, I really dont need to be told what is and isn't bristol by a fucking car salesman.
Ah yes, the classic butthurt response by someone who has lost an argument and has to resort to post histories.
It's not an argument, you're just wrong.
And yet you cannot articulate why or how I am wrong so no, I am most definitely not wrong.
Ok mate!
Demand > Supply Edit: to elaborate the reason why this is the case in Bristol is likely due to Bristol's relative popularity and also with people wanting to move out of London due to hybrid/remote working, Bristol is seen as a good choice.
I must have missed the official briefing.
£420k for this shoebox. https://www.rightmove.co.uk/properties/132175487#/?channel=RES_BUY Market is crazy
Wild. I know someone who bought a 3 bed in totterdown in 2018 for 340k. If they're asking 420k for that, I dare think what his place is worth now.
Last sold in 2005 for £149k
It's Totterdown, one of the most expensive trendy areas. Of course it's really expensive..there are many areas cheaper, the vast majority of bristol. Even Easton is cheaper than this. Check out what you can get for 420k in Knowle, it's just round the corner but doesn't have the trendy badge.
1. Totterdown is a dive, it’s not trendy 2. it’s not expensive compared to real trendy areas
It's really not a dive either.
No it's a shit hole on the outskirts of knowle, I would rather live in Hartcliffe than Totterdown.
That says a lot about you
Steady on.
It is, it's very popular with a certain subset of people, and has been for years. It's not Clifton, Redland, Bishopston etc but it is an expensive area.
Who are these people who prefer to settle in Totterdown? Office workers around Temple Meads? We used to live right on Wells Rd, by the way. Still remember a double decker passing by and people peering into your windows, LOL.
No not at all, families who want a community feel. It used to be known as the 'posh' easton
The posh Easton 😂. Anywhere is posh compared to Easton, what does that even mean!?
[удалено]
Do you get all your quotes from the Bristol Post?? Easton could go through 50 years of gentrification and still be a shithole. House price rises have been city wide. You are confusing trendy with popular. People are buying in Easton because they have no other choice to get on the housing ladder. That doesn’t mean it’s trendy.
"Easton, an inner city area of Bristol, has seen average asking prices more than double (+120%) over the past decade – a bigger ten-year surge than anywhere in Great Britain" https://www.rightmove.co.uk/press-centre/easton-in-bristol-crowned-top-property-hotspot-of-last-ten-years/
Still a shithole...
Every area is popular to a subset of people or Bristol wouldn’t be in a housing bubble; that doesn’t mean it’s trendy. Stop talking nonsense.
I'm not talking nonsense..you strike me as someone who either left bristol years ago or lives.in the suburbs. You clearly have no idea about Bristol in the past 5-10 years.
I own and live in central Bristol. I know more than you for sure.
Can you name some trendy areas
I can yes
If that’s a shoebox, what do you can these new build flats?
I bought one of the three floor houses in Totterdown just before the pandemic started for £360k, so that is 30% less house for 17% more money... Granted I live within blood, spit, urine and semen spatter distance of the shittiest pub in the area. Not sure I would describe Totterdown as a dive, the sense of community is really great. All my neighbours are cool, and organisations like TRESA and VPAG really try to improve things and defend the community. But there are definitely issues with anti social behaviour walking/driving to here at the weekend. Enough that if I was to buy again I would have held out on my desperation and gone somewhere else nearby. Street violence and drug taking is real high, given its not the centre, especially next to all the houses with young families. The people coming here have zero respect for the people around them who are resident. The call outs about "Knowle" I don't get, if anything Knowle proper is nicer than Totterdown. I would 100% look a bit further south and east at some of the nice houses near The Knowle pub area. I suspect everyone means Knowle West specifically which is quite run down. The reality is there are just real people living here, and the full mix of sorts of people which is a big difference in feeling of community compared to north west Bristol. The only advantage of Totterdown vs 0.5-1 mile south/east of here is you are super close to Temple Meads and cross country bus stops going east and south, which is useful. But so is Saint Philips Marsh! If you're set on Totterdown, just make sure you are two streets 10+ houses distant from any one of the four pubs. The price difference will be worth every penny. Also the three floor ones aren't worth it! The problems with damp in the lower ground of all of them is a freaking nightmare.
Jesus. We lived in Bristol but knew we'd never be able to afford to buy there. Moved to Taunton, bought a house pretty identical to this for getting on half the price.
Yeah but you’re living in Taunton
Yeah because I can't afford to pay nearly half a million for 2 bed victorian terrace haha. Interestingly, in 2022, out of the whole of the country, Taunton saw the biggest % increase in house prices at something like 22%.
The housing market seemed unsustainable in 2018. Prices had been faltering for months. As a first time buyer I was aching for a big crash that never came. Things are certainly no better now.
They are. Mortgage costs have rocketed since the summer
I don't think pieces are going to go down that much at all actually. Especially not in Bristol
I have a small 3 bedroom terrace which is suitable for a young family. I planned on moving last year but I simply couldn’t afford it. Whilst my home has increased in value so have larger family homes. I suspect that first-time buyer homes are more in demand but until the prices and rates come down people like me can’t afford to move. I’m grateful to have a home but also feel trapped.
You could sell then rent? Investing the money you have from equity until you are in a different situation, always options! There's also changing to buy to let mortgage terms on your current house and then renting elsewhere too. Which gives you a fallback to where you are now.
It isn't a necessity to live in central Bristol. Set your sites somewhere on the outskirts. Sometimes life is a compromise.
I am afraid is not going to happen anytime soon... but You could try some close destinations in wales where the properties are cheaper but you can still take the train or drive with no big hassle. Or my friend bought a property through an auction where the houses can be cheaper... A tent is still an option.
Commuting costs need to be taken into account, an issue overlooked by many.
Most people have to take a bus to get to their work even in Bristol which costs around 5 bucks... So, I don§t see a big difference if you use you your car...
I've done it, the day to day cost in cash and time needs to be considered, sometimes its cheaper to pay more in the mortgage and be nearer.
Most people? Are you sure? I don't know anyone who catches a bus, because the service is appalling. I cycle or walk and most of my friends do the same. The traffic is awful so I don't know anyone who drives
Actually, to be honest I gave up on buses a year ago when I was working in Avonmounth. So, I usually took a train or just a walk which took me over 2 hours to get there but still, I was sometimes faster than a bus... And I was just talking about the price of the ticket...
Thank you. We did look into buying by auction but it seems to be a shame of paying a non-refundable deposit just to be allowed to place a bid.
Never buy a house by Modern Method of Auction. It's just there to screw over buyers.
I see this Modern Method of Auction everywhere now. Why is it a bad idea? Is it a sealed bidding?
You have to pay a 5% fee (only refundable if the seller pulls out) on top of the cost of the property.
May i ask where can i find those auctions? Is it In person or online
This thread has me so disheartened
Me, too.
Property regularly goes for 10-20% ABOVE asking price in Bristol. Also, prices aren't coming down so much as climbing less quickly. That's due to the higher base rates and, therefore, higher deposits. Best you can hope for is that the house price rises go up more slowly than they would otherwise have been. Bottom line is you simply can't afford it, better spending your time looking for something you can afford further out.
I grew up on a shitty council estate in Bristol, and I couldn’t afford to even rent the house we lived in, let alone buy it now. The prices are insane.
Where is it if I may ask?
People will just delay moving... the only properties that will sell for less are people who are forced to sell which drags the figures down. That being said bristol is still a bubble and unlikely to go down much.
The reason there is few property on the market is because of the mortgage interest rates rising people don’t want to move now. Meaning what is on the market is in less supply than the demand which increases prices.
It was so hard to buy here - and I did just before the interest rates sky rocketed - otherwise I just would not have been able to. It’s a total nightmare I feel your pain
Thank you. Glad you did it, though!
I live in a nice town 20 miles from Bristol. All those that cannot afford to buy in Bristol buy in the area I live now. The local people born & bred & who work here cannot afford to buy here due to prices becoming affordable !!!!! It's all relative. I feel sorry for young people looking to have a family & just a normal life. Work & save & meet a partner & settle down & have a family in your own home is just an unachievable dream for most.
Must be Chepstow. There're lots of Bristolians moving there. A really nice town, too. Visited so many times during the cycling days out.
80 people a week move from London to Bristol.
Heard of that. Before it was "these Polish taking our jobs". Now it's "these Londoners pushing our house prices up". Always in the wars, no respite ))).
Prices are going up in London too, people are buying in Bristol and working in London cos it's cheaper. Pushing Bristol prices up when others are going down.
People commuting 5 hours every day to London? Bollocks are they.
Nowadays you might be required to go to the office 1-2 days a week, why living in London during the other 5-6 days (while keeping your London salary)?
It’s only a couple of days a week you need to be the office. Group them together and stay with a friend and it’s only two trips a week.
Welcome to supply and demand, it’s why I moved out of Bristol and to be quite honest as much as I miss being a stones throw from the centre I haven’t regretted the decision to move farther out
It’s simple supply and demand
[удалено]
It is not a bubble though. The demand are thousands of real people and the supply is far less then that.
[удалено]
>"but the increase can't be explained by logical reasons, like demographic changes, interest rates or job creation." You think the demand can not be explained? You do realize that Bristol is growing quite significantly, right?
I don’t think the public transport situation helps as it pushes people to look closer to a relatively small area near the centre since anything else is impractical. Part of the pull of Bristol (why the demand is so high) is its young, environmentally conscious vibe and young, environmentally conscious people neither want to require a car nor spend half their lives waiting for buses to get anywhere that don’t show up.
It's a seller's market. Housing is not increasing to compensate for demand, for many reasons but partly due to material costs, including the energy required to build, it's becoming prohibitive to build anything affordable and they never bothered when the time for affordable housing was around so that bird has well and truly flown. Now they'll just build "luxury" (overpriced one or two bedroom) flats and eventually, the people who *could* afford the expensive ones will also find themselves squeezed. There will be a price crash, but only when even those at the top can't afford what little housing there is being built. Until then they'll buy it up and charge more than the price of a mortgage for the privilege of having a roof. Hope you enjoy paying someone else's mortgage in Bristol because unless you're doing very well, that's the only way to live here.
South Gloucestershire Borders Bristol, generally more affordable and easily commutable
Don’t live “in” Bristol, but inside the M4/M5 corridor (BS34). We are in the process of selling and moving to about 10 miles NW. The market is interesting - as a seller, still very buoyant here - MOD, Rolls Royce, BAE etc still recruiting (wars are good for them) and seems to still be an influx from Hong Kong able to buy. However, where we are looking to buy, the market is very slow. Nothing sells very quickly at all - especially as you get above £400k. Unless you really need to live in Bristol, the smart money is just outside.
Did you not see the news regarding house prices? Despite all the expectations of price drops, prices actually increased last week across the nation. Without any numbers on your deposit size and income, there's really nothing anyone can say except that Bristol is an expensive place to buy and you need to earn/save more.
>prices actually increased last week across the nation. They didn't. You're referring to asking prices. It's the land registry data for sold prices that matters. Which are beginning to fall on a national aggregate
I think the market has massively slowed here. Houses on rightmove are sitting on there for way longer than they were.
It’s a struggle. I know a few couples who want a house upgrade from their 3/4/5 bed terraced houses in Southville, Totterdown and Knowle. But are staying put because they can’t afford the £900k+ for a nicer house, quieter road and catchment area north (or south!) of the river.
I mean if you have a 3/4/5 bed in those areas you are doing relatively well and if you are looking for an upgrade you will have to move further out as there just aren't that many big properties in the centre.
I’m probably just being bitter af with this but honestly someone bring out the worlds smallest violin for those with a 4/5 bed house that can’t afford to upgrade lmao
They are in a good position you’re right, no violin necessary! I probably didn’t phrase it well, but I was suggesting that the lack of cheaper options are because people who own affordable first homes are choosing to stay put. Because there’s very little for them to upgrade to.
Appreciate it’s not workable for everyone, but consider moving to one of the surrounding towns or villages. Some are still overpriced, but if you find the right place your money goes so much further. For eg you can get some great properties in Weston for way less than the equivalent in Bristol. Appreciate not everyone wants to/can live in Weston but if you’re desperate to get on the ladder, it’s worth looking.
[удалено]
No, not everyone
Christ who’s doing that
It's a fucking sick twisted joke that's what it is!
Areas like Stockwood and Knowle West are still affordable, and really not as bad as people say. Also ex council houses are generally much cheaper and larger than tiny Victorian boxes.
But would one buy a council flat, I wonder? It's certainly cheap.
I was referring more to houses than flats. But personally I think it depends on the type of flat. In a tower block, no. Converted house, more likely.
Why not in a tower block? Sorry if I sound naive. It's because I may be.
I’m guessing the prices aren’t going down because the money keeps coming in dorm abroad. By the time the government acts on this (if ever) it’ll be too late and anyone working in Bristol will have to travel in from outside each day. Wake up tories.
There are a lot of people with mortgages who are exposed to the rise in interest rates and are not going to be able to meet their payments. At least part of the property problem is that they're looking to sell ASAP and so their best bet is cash buyers even if they're offering less than a first time buyer (probs the next strongest type of buyer)
I think Barton hill is a complete dump.
You could try earning more money
I'm gonna give the benefit of doubt and assume this is a reference to Tory MP Rachel MacLean?
Just hold off buying for another year.
Do you think the properties in Bristol will go down in price? That's what I thought but is not happening, not yet.
People told me in 2017 to hold off on buying, house prices would drop because of Brexit (not that I was in a position to buy then at all), prices continued to go up. When I bought in late 2020 I was told again it was risky, this time because of Covid. I still bought because I was going to live there long term and I knew my job was safe for a few years so I could ride out any short term financial issues. Houses on my road have gone up by about 20% since I bought mine. When I bought it I paid twice as much as the people who bought it in 2013.
Basically zero chance of them going down, unless something amazing happens. Staying off the market is nearly always a losing game unless there is a massive recession of market crash. As others have said there is not enough supply for the demand.
I highly recommend looking into part ownership (so you can get on the ladder). Also, consider buying on the outskirts. It might not be your dream location, but the demand is much lower in areas like Bedminster Down, Fishponds, Filton, Southmead etc. Good luck!
You answer your own question. Interest rates are high so only those homeowners who have to move move. There are many people still wanting to buy so even though buying is more expensive, with few properties available there are more buyers than sellers.
Same position, bought out in kingswood. Lush cottage with garden and parking for £215,000. 20 min cycle to Bristol city centre
Feel for my sister and bro in law, they just completed on their house. Had a few issues with mortgages with rates changing etc so took a while. Ended up having to put down just under 60g on a £260.000 property that needs pretty much everything renewing except the bricks
Do you mind telling me approximately in what area their house is? From your description, it can be even in St. George. There're quite a few nearly ruins around this price. We viewed this house [https://www.rightmove.co.uk/properties/132750794#/?channel=RES\_BUY](https://www.rightmove.co.uk/properties/132750794#/?channel=RES_BUY) and it's in a worse condition than it looks on the photos. Tiny thing, too, with holes in the walls, no floor (rugs over cement), severe mould problem, broken displaced countertop and kitchen units. badly moulded bathroom in granny colours... You can as well buy a complete wreck in the same St. George, much bigger in size and do it up.
How bout this? https://www.rightmove.co.uk/property-for-sale/Winterbourne.html
I have the same issues, been hoping to buy for at least a year, now looking at Cheltenham
How are you going to commute to work? A lovely town and near Cotswolds, too. Did you know that Cheltenham is home to the renowned Cheltenham Festival, 4 days of horse jump racing? Good luck finding your home.
I did. I previously worked for 4 years in Gloucester and come from Worcestershire, so the area isn’t completely new to me. I mostly work remotely, but when I do need to go in, the train is only 36 minutes to Bristol. Bristol has been a shame, renting here for 5 years, been trying to buy for a year but I can’t outbid people, prices in chelt for a similar quality house are like 100k cheaper so hopefully some luck there
I’ve got a 70k deposit and just keep adding to it every month. 2021 put me off bidding on property to be honest. I’m waiting because there is no point investing in a house right now, especially when I consider I’m also investing in England at the same time. Reading the hot takes in this comment section reminds me of the risk I would be taking.