Western Daily Press (Saturday)
City has five of the UK’s house price hotspots
HOMEOWNERS in Bristol are the housing market’s biggest “winners” of the past decade, according to analysis by a property website.
Rightmove analysed changes in average asking prices between September 2010 and September 2020.
Looking outside London, it found that five of the top 10 locations where asking prices had increased the most over the past 10 years were in Bristol.
Easton, in Bristol, has seen the biggest 10-year surge, with asking prices more than doubling (a 120 per cent increase) over the past decade.
The current average asking price there is £283,397. This is an increase of nearly £155,000 from 10 years ago, according to Rigthmove.
While those already on the housing ladder may rejoice in this news, to others it exposes the stark issues raised by gentrification.
Housing is probably the biggest issue at next year’s mayoral election, with the city facing a severe crisis.
Rising property prices and corresponding increases in rents are making life very difficult for substantial numbers of people in the city.
And there are fears that more people relocating from London could exacerbate the issue.
Rightmove’s director of property data, Tim Bannister, said: “Demand for property in Bristol is exceptionally strong right now.
“Average asking prices across Bristol as a whole are up by 60 per cent over the past decade and it’s one of the UK’s most thriving regional centres. Bristol has a highly diverse mix of housing stock and is a city where a number of tech companies have based themselves, making it a very attractive place to move to for many buyers.”
The five other Bristol locations in the top 10 are Whitehall, Totterdown, Eastville, Arnos Vale and Redcliffe. Swanscombe and Stone in Kent, and Tilbury and Vange in Essex, complete Britain’s top 10 hotspots outside London.
Andrew Morgan, director at Hollis Morgan Estate Agents & Auctioneers, said Bristol had good transport links, adding: “I also think, more recently, the working-from-home revolution has led to an even greater desire for people to move to Bristol.
“People can technically base themselves in London whilst actually working remotely in Bristol. People are now very aware of wanting access to outdoor space and we have that in abundance here.”
Glynis Frew, CEO of Hunters Estate Agents, said: “Bristol has long been known for its cosmopolitan nature and quality of life and over the past 10 years has gradually been drawing people from London who realise they can have a similar lifestyle at a more affordable price.
“Bristol has an ideal mix of strong local economy, two leading universities, excellent schools, green spaces and a vibrant cultural and foodie scene, which people really love.”
In London, Walthamstow has seen the biggest asking price rise, with average price tags up by 117 per cent since September 2010.
The London top five also includes Peckham (up by 107 per cent), Tottenham (106 per cent), Forest Gate (104 per cent) and Elephant and Castle (103 per cent).
Nationally, average asking prices have risen by £93,046 in the past 10 years, from £226,950 in September 2010 to £319,996 now – a 41 per cent increase.
Regionally, London and the east of England have seen the biggest 10-year growth in average asking prices, up 62 per cent and 48 per cent respectively.
Meanwhile, average asking prices in Wales have risen by 26 per cent compared with September 2010, and in Scotland they are up by 21 per cent.
The places where average asking prices have not yet recovered from 2010 are primarily in Scotland and the North East, Rightmove say.
Nairn in Scotland (down by 15 per cent) and Linthorpe in Middlesbrough (down 12 per cent) have seen the biggest decreases in average asking prices since September 2010.
Demand for property in Bristol is exceptionally strong right now TIM BANNISTER, RIGHTMOVE