The average cost of buying a home in Bristol has increased 6.1 per cent compared to last year, new data has shown.
According to the latest house price research from Hometrack, a company that’s part of the Zoopla group, Bristol came eighth in the list of cities that have seen the biggest house price increases in the UK this year.
A home in the city now costs an average of £277,600, the website revealed, making it the most expensive place to buy a property in the top ten.
Heading up the list of places that have experienced the biggest house price growth is Glasgow, where values have shot up by 7.9 per cent in the past year. However, the average property in the Scottish city comes in at £122,800, considerably lower than Bristol.
Insight director at Hometrack Richard Donnell commented: “Over the last 12 months there has been a dramatic south to north shift in the momentum of house price growth, which has culminated in Glasgow registering the fastest rate of house price inflation in the UK.”
The only other southern city, apart from Bristol, to make the top ten was Southampton, which came in at tenth place with price growth of 5.4 per cent.
Hometrack is anticipating that regional cities will continue to drive house price growth in the UK, as the larger markets like London continue to slow in the coming months.
If you’re thinking of moving to Bristol, you may want to get on top of the process and start arranging home removals to Bristol before house prices increase too much further.
For anyone who isn’t sure where in Bristol is right for them, take a look at our blog highlighting the three best spots to live in the city. Among them is Totterdown, which is known for its family-friendly atmosphere and good schools.