Having just launched our new Bristol Office, here’s the first of our snapshot overviews on this growth area.
One of Britain’s key property hotspots, Bristol is home to a thriving market that’s set for solid, sustained growth.
The South West city has enjoyed soaring prices for property sales and rentals in recent years – driven by high demand and a lack of supply. And with its growing student population, renowned quality of life, and an employment rate that’s 2.8% higher than the national average, Bristol should be at the top of the agenda for any developer, house builder or investor.
House price rises in Bristol have gone up 8.9% a year over the past five years, according to Hometrack. That’s 2% higher than the national average (outstripping London in the process) and a recent forecast from JLL predicts that both house prices and rental values will continue to grow.
As a place to live, the popularity of this historic city is soaring and the national media have latched on. Last year, the Sunday Times’ put Bristol in first place in its Best Places to Live Guide, saying that it provided plenty of “glamorous, creative, hi-tech and professional” jobs.
High profile employment
There will be even more of those creative jobs in 2019, thanks to Channel 4’s decision to launch a creative hub here – one of just three locations for the broadcaster outside London. Channel 4 will join an already-thriving creative sector that includes household names like Aardman Animations, the Internet Movie Database (IMDb) and the BBC Natural History Unit.
Another high-profile organisation giving the city a giant seal of approval is HM Revenue and Customs (HMRC). It signed a 25-year lease on a city centre building that will house 1,250 civil servants close to the city’s main Temple Meads railway station.
Temple Meads will also be the site of a seven-acre campus for the University of Bristol. The Temple Quarter Enterprise Campus provide teaching for 3,000 students and on-site accommodation for 1,500. It will be open in time for the 2021/22.
The University’s graduates will have strong employment prospects in a number of key clusters. Bristol has thriving sectors in the form of High Tech, Low Carbon Technologies and Aerospace & Advanced Engineering, whose flagship names include Airbus and Rolls Royce.
An international destination
Airbus makes many of the planes that fly from city’s airport – the UK’s ninth biggest – which plans to expand by 20% by the mid-2020s. Transport connections will improve even more when rail electrification is complete, cutting journey times to London and ushering in more frequent services.
The missing piece in Bristol’s ongoing success story is housing. With a thriving economy, a great quality of life and a projected 23% population increase by 2039, there’s huge demand for new homes. But there aren’t enough being built. Yet. Watch this space…
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