Under the headline The ‘gritty’ areas of Bristol where property prices are soaring the Telegraph is reporting on Bristol. In summary, the article says:
Bristol is experiencing a significant “sea change” in its property market, with once-overlooked central and eastern postcodes now driving price growth, challenging the long-held dominance of affluent addresses like Clifton.
Key Takeaways:
- Alpha Address Shift: For decades, Clifton (north-west Bristol) was the primary driver of property growth. However, in the past year, prices in Clifton are down 4% while the city-wide average rose 3%.
- City Centre Renaissance (BS2): The BS2 postcode, covering the city centre and neighbourhoods like St Pauls and Old Market, saw average sale prices jump 8% in the last 12 months—nearly three times the city-wide average.
- Reasons for the Shift:
- Convenience and Lifestyle: Young professionals are moving to areas like the city centre for convenience, being close to transport hubs (like Bristol Temple Meads station for hybrid workers), and enjoying the regenerated buzz of areas like Old Market.
- Value for Money: Despite strong recent growth, the average price in BS2 (£312,520) is still significantly lower than Clifton (£450,210), making it an attractive “starter flat” market for young buyers.
- Trendiness: Eastern neighbourhoods like Easton (recently named one of the world’s coolest) and St Pauls are now shedding their difficult past reputations and gaining popularity for their organic trendiness, gastropubs, and art scenes.
- Wider Trends: Strong growth (up 6%) was also recorded in BS1 (old harbourside) and BS3 (Southville/Bedminster), indicating a broad trend toward more central and southern postcodes offering better value and lifestyle choices than the traditional, more expensive north-west suburbs.
- Affordability remains a challenge: Overall, Bristol remains one of the UK’s most expensive cities outside of London (behind only Cambridge and Oxford).
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