It is fair to say since September’s (2022) mini-budget and the resulting financial chaos, the property market has been in the press one way or another pretty much every day.
Siphoning through the figures / projections and opinions is an almost full-time job – on top of our full-time Buying Agents job of advising clients; viewing and buying houses!
Fortunately, there are a few trusted data firms (outside of the estate agency sector) that help back up what we, on the shop floor, already believe to be the case. One of our favourite data sets comes from Acadata. Taking the city of Bristol as a whole their latest house price data (taken up to end of Jan 2023) is:
Past three months: -0.5%
Past 1 year: 9.3%
Past 3 years: 34.4%
Past 10 years: 96.8%
Recent industry estimations suggested a price reflection of somewhere between -5% and -8% over the course of 2023 and the figures above suggest something akin to this is still likely.
The market still shows signs of positivity however. According to Rightmove buyer enquiries to estate agents are up 11% (compared to a more normal 2019 market) with stock levels still historically low… The need to seek out the best properties is perhaps more prevalent than ever.
This is all confirmed by the stunning flat we recently Completed on for clients at The General on Bristol’s famous harbourside – for a figure comfortably below the advertised Guide Price.