Bristol house prices up more than £20,000 on last year after ‘record year’ for UK

House prices in Bristol are up more than six per cent on last year as demand continues to soar for homes in our city.

Zoopla’s house price index (HPI) for November shows a record year for housing across the country, with Bristol and the South West recording some of the biggest jumps in price.

The property website states average house prices in the South West have risen by £23,000 in 2021, which is £7,000 higher than the national average rise of £16,000.

That’s more than the last three years combined, which Zoopla puts down to "buyer demand".

Its report released today (Monday, December 20) states: "Buyer demand has shaped the property market’s narrative this year, running on average 15.7 per cent higher than 2020 levels.

“Buyer activity culminated in June 2021, when more people moved into a new home than in any month since 2005.

“By contrast, the stock of homes has been depressed all year and currently is down by 33.2 per cent - creating intense competition amongst buyers in the market and ultimately accelerating house price growth.”

It comes after Easton was declared the strongest sellers' market of 2021 by Rightmove.

There has been "intense competition" for homes as demand exceeds supply

Analysis published last week revealed that more than eight out of every 10 properties for sale in Easton (83 per cent) have already been marked 'sold subject to contract'.

The new Zoopla report also predicts that the pandemic will continue to fuel demand for homes across the city.

“As well as the usual seasonal pick up in demand, we are anticipating that more demand will also be fuelled by a continued ‘reassessment of home’ due to the trends that emerged during the pandemic," it continued.

"These include households wanting more space - an extra bedroom, or a larger garden.”

But it says the speed at which the market is moving will start to 'normalise' next year.

The report continues: “The average time between listing a property and agreeing a sale subject to contract was 50 days in the years before the pandemic.

"This year it has been consistently below 30 days. As the market starts to move at a more normal pace, it will be an opportunity for supply pipelines to repair, although total stock volumes will likely remain lower than the five-year average.”

Grainne Gilmore, Head of Research at Zoopla, said: “House price growth in Bristol is tracking at 6.3 per cent, close to the highest rate of growth seen in three years.

"The rate of price growth in the city is slightly below the UK average rate of growth, which is currently 7.1 per cent, but still marks an average uplift in prices of more than £18,000 over the last 12 months."

Last month a Bristol estate agent said the city has experienced a "new wave of demand on the back of the lifestyle changes that resulted from the pandemic".

This article is property of Bristol Live, and was written by Beth Cruse (https://www.bristolpost.co.uk/news/property/bristol-house-prices-up-more-6368878)