Bristol is outperforming many other regional locations in the UK in its property growth prospects, a new report has revealed.
Research by the global real estate firm CBRE showed that a rise in multi-family housing in the city will be a driving force in its property market over the next decade.
The report looked at the 50 largest regional towns and cities in the UK to analyse various factors that support the property sector.
Of all the locations included in the survey, Bristol is on course to see the highest growth in multi-family housing, referring to properties where more than one household lives in the same building.
Bristol's housing market is growing at breakneck speed
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The city also ranked highly in single-family housing, affordable housing and student accommodation, according to the findings.
The city centre's rising population is believed to be one of the key factors driving the multi-family housing market.
Jennet Siebrits, UK Head of Research at CBRE noted: “The way towns and cities grow and evolve is very much reflective of their local geographies, natural resources, and cultural history.
“Bristol has shown its strength as a top city for investment and growth, which is unsurprising given its strong demographic and economic fundamentals, and projected growth over the next decade.
“The city is absolutely one to watch as our government continues to deliver on its Levelling Up policy.”
According to Rightmove, houses in Bristol sold for an overall average price of £386,910 over the last year.
“The majority of sales in Bristol during the last year were terraced properties, selling for an average price of £382,464," explains the property website.
Apartments in the city sold for an average price of £377,198, with demi-detached properties fetching 412,096.
“Overall, sold prices in Bristol over the last year were similar to the previous year and nine per cent up on the 2021 peak of £356,383.
Other benefits of living in the city include low crime rates, a vibrant atmosphere and excellent job prospects.
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The housing market in Bristol is growing rapidly
PAExperts at WeBuyAnyHome say: “People move to Bristol for various reasons, each finding their unique draw to this vibrant city.
“Bristol offers its inhabitants an excellent quality of life. With ample green space, a great social scene, and a thriving cultural landscape, Bristol provides a well-rounded lifestyle that many find appealing.”
It comes as the historic village of Chard in Somerset has been named the UK’s top property hotspot after agreed house sales in the area doubled.
Rightmove reported a jump of 123 per cent in house sales as an increasing number of buyers race to the area to buy semi-detached properties.