Capital of the South West, Bristol is a vibrant city with a thriving property market both residential and commercial. Our Bristol Property Manager takes a look at the market.
Bristol Residential Property Market
The average house price in August 2024 was £354,000, an increase of 2.6% from the previous year. This rise is part of a longer-term trend of increasing property values in the city, driven by high demand and limited supply. The city’s vibrant economy, cultural attractions, and strong transport links make it a desirable location for both buyers and investors.
The rental market in Bristol has also seen significant growth. Bristol’s average monthly rental reached £1,753 in September 2024, an increase of 4.6% on the previous year. This increase reflects the high demand for rental properties, particularly among young professionals and students. The city’s universities and thriving technology sector contribute to this demand, making rental properties a lucrative investment.
First-time buyers in Bristol also face challenges due to rising prices. The average purchase price by first-time buyers was £322,000 in August 2024, an increase of 2.9% on the previous year. Despite these challenges, the city’s strong job market and quality of life continue to attract new residents.
Bristol Commercial Property Market 2024
The commercial property market in Bristol has shown resilience and growth in 2024, driven by strong demand across various sectors. The office market, in particular, has been dynamic. Prime office rents reached a record high of £48 per sq. ft, the highest figure among the UK’s major regional office markets. This increase is attributed to the limited supply of high-quality office spaces and the city’s appeal to technology and creative industries.
In terms of office space take-up, the first half of 2024 saw volumes 70% higher than the same period in 2023. Office space take-up in the first half of 2024 saw a 70% increase in comparison to the same period in 2023. This surge is partly due to several large-scale completions, with over 500,000 sq. ft. of office space under construction, most of which is expected to be completed in the latter half of 2024. The demand for flexible and sustainable office spaces continues to shape the market, with businesses prioritizing locations that offer modern amenities and green credentials.
The industrial sector in Bristol has also been robust, with strong demand for logistics and warehousing spaces driven by the growth of e-commerce. The city’s strategic location and excellent transport links make it a key hub for distribution and logistics companies. Rental rates for industrial properties have seen steady growth, reflecting the high demand and limited availability of suitable spaces.
To talk to Vickery Holman about Property Management in Bristol and area, please contact Gemma.
