Housing prices in Bristol have risen faster than any other major British city in the last five years, according to newly released data from Hometrack.
The index reveals an 8.9% increase in Bristol’s property prices each year from April 2013 to reach a current average of £278,700, surpassing London’s 8.6% rise to reach its average housing cost of £487,600.
Hometrack’s report shows Bristol performing 2% higher than the national average of 4.9% growth across the 20 assessed cities over the past five years, though the pace has slowed to meet the UK wide average in the last year.
The figures serve to show just how desirable a place Bristol is to live, with latest population statistics demonstrating an average growth of 1.1% every year over the past 10 years – higher than the 0.8% average nationwide.
With higher prices and more competition than ever, homebuyers will be pleased to know that there is help available to aid the process of purchasing a house.
When using the Government’s Help to Buy scheme to buy a new build home up to the value of £600,000 in England, and £300,000 in Wales, the Government will lend up to 20% of the property’s value. This is lent as an equity loan and remains interest free for five years.
With this loan, buyers only need a mortgage for 75% of the property value, and a 5% deposit.
Redrow Homes South West has three Bristol developments: Lawrence Green in Stoke Gifford, Frenchay Park and Gardens in Frenchay and Abode in Bedminster.
As well as Help to Buy, Redrow Homes offers its own ‘Mastermove’ scheme, which supports potential new house buyers who need to sell their home by arranging valuations, appointing estate agents and taking care of all the paperwork. Redrow will even help towards the estate agent’s fees.
Meanwhile, those that own a home that is 35% lower than the value of a new build Redrow home they wish to buy can use Part Exchange to make the moving process easier.