Are locals concerned about Bristol’s property prices?

National World - LocalTV

Bristol’s property market is showing signs of cooling after a period of rapid growth, but the city’s housing prices remain among the highest in the South West. According to the latest data, the average house price in Bristol now stands at just over £330,000 — a figure that’s 12 percent higher than this time last year.

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00:00Bristol's property market is showing signs of cooling after a period of rapid growth,

00:06but the city's housing prices remain among the highest in the south-west. According to

00:11the latest data, the average house price in Bristol is now over £330,000, a figure that's

00:1912% higher than this time last year.

00:21This is a major long-term goal and possibly a goal that might not happen.

00:31I'd say for people in their 20s and 30s, it's just such a mixed bag. Some people are really on it,

00:37they're there, they've got a house, and others, most of my contemporaries, we're renting and just

00:45going kind of like month by month. I think it's great to aim for this, but perhaps not that realistic

00:52anymore. And it's not because we're buying avocados, you know? So yeah, I think in main cities,

01:03it's getting a bit astronomical. But I also think there's a social expectation around it,

01:11and actually in a lot of countries in mainland Europe, people don't buy, they just rent for a

01:17long, long time, and they have slightly more secure renting contracts and stuff. But I also think it's

01:26great to own your own home if that's what you want, but it shouldn't be an expectation or a must.

01:30And actually in a lot of places outside the UK, it's not really like that.

01:35No, I always thought that was quite riskable, actually. I've been looking at the estate

01:39here, you throw there over a million, so 380,000 doesn't sound too bad.

01:44This rise puts Bristol well above the national average, reflecting its popularity as a vibrant

01:49city with strong employment opportunities and excellent transport links. However,

01:56experts warned that the rate of increase is slowing down. Over the past few months,

02:01the market has seen fewer sales and longer times on the market, as buyers grow more cautious

02:08amid rising interest rates and economic uncertainty. I suppose they are, but I don't know what could

02:15be done about it, really. There's a limited amount. I mean, if they had hundreds of houses,

02:20then they could come down in price. While the average price remains high,

02:24this cooling trend may give first-time buyers a better chance to enter the market after years of

02:31intense competition and soaring costs. Certain areas of Bristol have experienced sharper price jumps than

02:39others. I think only if they get themselves into the hands of moneylenders and or the bank of mum and

02:51dad in which they have to, in which they, so that puts things into a class structure.

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