How to Purchase a Home in Bristol, United Kingdom

How to Purchase a Home in Bristol, United Kingdom

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What makes Bristol an attractive destination

If you’re seeking to leave the city of London, you might consider making your way to Bristol. In 2017, it was one of the top ten best locations to call home in the United Kingdom.

Visiting this city is like getting the best of both worlds, as it features both historic sites and cutting-edge neighborhoods.

There are many reasons to visit Bristol, and they include:

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  • places in nature, such as the Downs to Avon Gorge
  • dwellings with prices significantly lower than the national median
  • superb network of transportation options
  • top-tier schools number two
  • bike paths across the country
  • gatherings in the open air
  • cultural milieu where one can see one’s work being performed or exhibited
  • amazing dining options, bars, and nightlife

Home in Bristol

You might want to research the local real estate scene before committing to a move.

The Bristolian

  • By 2020, the population had increased to 203,490, and there were 203,490 dwellings
  • Five-hundred-three percent of homes were held by their current occupants.
  • Between the years of 2019 and 2020, 1,350 brand-new houses were constructed.
  • Since 2006, they have built 3,557 low-cost houses.

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Rental rates in Bristol

Since Bristol was named 2017’s best location to live, housing prices have increased.

Bristol had a higher-than-average typical home price in 2020, at £293,000, compared to the rest of the United Kingdom, where the average was $239,000.

However, Bristol’s house prices are still significantly cheaper than the London average of £486,000.

Cost of life in Bristol

Bristol has one of the highest costs of life outside of the capital. But if you want to experience London on a budget, it’s still a viable choice.

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Bristol has an average household salary of £31,900, which is very close to the national average of £30,500. However, home price increases are also more common.¹

According to Expatistan, Bristol offers a 29% savings compared to London’s average cost of living.²

Bristol has a lower expense of living than London, with an estimated monthly average of £1,935, compared to £2,776.

Many cities in South West England have a comparable expense of living. In Exeter, it is predicted to be about £1,502 monthly.

The rise in Bristol’s home costs may not prevent you from moving there if your salary increases at a similar rate.

Bristol leases

Bristol’s rental market is competitive due to the city’s high desire for living space.

Bristol has an average monthly rate of £1,008. Bristol’s rental increases of 3.1% in 2020 are double the rate of the rest of the UK.

In Bristol, 29% of dwellings are rented individually while 18% are provided by public agencies or non-profit housing organizations.

More people want to live in cities outside of London, which is expected to drive up rent prices.

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Bristol’s first-time homebuyers

The percentage of first-time purchasers in Bristol, England, increased by 7.6 percentage points in January of 2021.

Bristol is more affordable than London, but still more costly than the rest of the United Kingdom. Therefore, first-time buyers with lesser savings may find it more challenging to buy a home in Bristol.

Between February 2020 and February 2021, the typical Bristol home price for first-time buyers was £268,142.

A cheaper place to live could be found if you search in a different city.

First-time homebuyers in Bristol can find more affordable options in certain neighborhoods.

2019 data from Zoopla shows that the typical home price is lower in these countries and regions:

  • At a cost of $216,242 Avonmouth
  • The population of Berkeley, California is 223,312.
  • The Count in Bedminster Is 223,342
  • At a cost of £231,197, Chipping Sodbury
  • Price of $238,053 in Henbury

Recent Construction in Bristol

Although they save money in the long run, new construction is typically more expensive than an established building. Still, the cost of living is about the same in Bristol.

The average expense of a new construction during the period January 2020 – November 2020 was £295,000. This is a significant increase over the typical price of older homes, which was around £292,000.

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Choosing a Bristol Neighborhood

Bristol is home to a wide variety of fantastic neighborhoods.

Your ideal Bristol neighborhood will be found somewhere between your budget and your ideal home life.

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