Bristol is continuing to set the pace for house price growth nationwide and the local economic outlook suggests it will remain one of the country’s property hotspots for a number of years to come.
In January the city recorded annual house price growth of 9.5% - the biggest increase nationwide. Further to this, house prices are set to increase on average by 3.9% year-on-year between 2017 and 2021, compared to 2.4% nationally. The news comes as City & Country is set to release new homes at The General, the restored and converted former Bristol Hospital.
The demand for property in Bristol is set against a backdrop of growth predicted for the wider South West region which is anticipating economic growth of 1.6% per annum during the 2017-21 period. Bristol is crucial to this growth and the city will outpace the regional average, with its own growth predicted at 1.9% per annum.
As Bristol retains more of its graduates in increasing numbers and continues to attract professionals, employment growth is forecast at 3.9% over the next five years, with the transport and construction sectors playing a major role in the creation of 7,000 new jobs. The rentals market is expected to perform equally well - prices are expected to go up by a yearly average of 3.8% over the next five years compared with a national figure of 3.3%.
“Bristol is booming and there has not been a better time to live here and enjoy all that the city, and the wider region, has to offer. With strong house price growth predicted alongside sustained demand from both the sales and rental markets, it’s a perfect time to buy. However, alongside this growth the city does face a housing shortfall issue, so it’s more important than ever that we reuse and regenerate some of the fantastic buildings that are currently without use. The General has not only delivered a wide range of fantastic city centre homes, it has also created a new, vibrant hub of socioeconomic activity for the area. It’s a superb example of how old, redundant buildings can play a significant role in meeting housing need.” says Suzanne Aplin, Sales & Marketing Director at City & Country.
At The General, one of Bristol’s most in demand new homes developments, apartments are offered within the original Grade II* Listed hospital, or as completely new homes in The Iron Foundry, part of the development overlooking the Bathurst Basin. Within this stylish new building a range of stunning duplex penthouse apartments will be released for sale in April that will undoubtedly be amongst Bristol’s finest new homes.
No two properties at The General are the same and currently on the market are some of the most iconic homes on the development. These include apartments in the domed octagonal tower, penthouses with vast roof terraces and homes within the converted chapel which feature vaulted ceilings and other unique historic features.
Conversion apartments at The General currently range from £395,000 - £995,000. Apartments in The Iron Foundry are priced from £755,000 - £1,250,000.
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