Bristol out-performs the UK

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by Kay Murchie

Research from Email4Property.co.uk, which operates the largest network of local estate agent websites in the UK, has established that Bristol saw average property prices rise by 9.2% this year, more than any other location in the UK.

Bristol, the UK’s 9th largest city with a population of around 500,000, saw the average house price increase from £186,944 in 2006 to £204,374 in 2007.

The information has been a shock considering the turbulence that house prices across the country have witnessed over the last year. The global credit squeeze has meant that banks and building societies have tightened their lending criteria. Furthermore, interest rates have been rising and Home Information Packs (Hips) were introduced causing uncertainty in the property market.

All of the above have attributed to an easing in prices in some areas, bringing to an end a period of unprecedented growth.

David Bexon of Email4Property commented while seasoned investors will end the year relatively unscathed, new investors may find mortgages in short supply and larger deposits required. Mr Bexon added if uncertainty brings greater research or more careful borrowing, before buying a property, this can only benefit the housing market over the next few years.

Other cities that have also recorded strong growth during the year include Manchester and Liverpool who have seen increases of 6.3% and 4% respectively.