Property for sale at a 9 year high.
New property coming to the market is 16.2% higher than the 9 year average.
(May week 3)
The average price of property coming to market for sale rises by 1.4% (+£5,312) this month to a new record of £377,182. This is a larger-than-usual April price increase, despite a decade-high number of homes for sale for the time of year.
Mover activity remains resilient with new buyer demand up by 5% versus last year and the number of new sellers coming to market up by 4%.
Latest update 14th May
Knight Frank has revised up its estimate for UK prices to 3.5% from 2.5% this year due to the improving rate landscape.
Over the last 12 months the average sales price in Bristol was £364,477
The current average asking price is £386,816
Prices
Average new seller asking prices drop by 1.4% (-£5,366) this month to £366,592 nationally, a bigger fall than the usual, seasonal 0.8% drop seen at this time of year, likely due to pre- and post-Budget jitters.
Over the last 12 months the average sales price in Bristol was £362,485.
33% of sales in the past 12 months were flats, achieving an average sales price of £273,102. Houses achieved an average price of £417,548.
There were 64,309 mortgage approvals in March which is 4.5% higher than a year ago (Bank of England).
Buyer demand is broadly in line with the levels recorded a year ago (Zoopla).
"The high level of supply in the market right now means that buyers are likely to have plenty of homes in their area to choose from, and an overpriced home will stick out for the wrong reasons. Our research also shows that getting the price right the first time is key. Homes that don’t need a reduction in price are more likely to find a buyer, and to find that buyer in less than half the time." Colleen Babcock, property expert at Rightmove
Annual rent inflation for new lets is running at its lowest level for 3.5 years
Rents have increase by 3% over the last year, down from 7.4% a year ago
The supply and demand balance is narrowing, with 11% more homes available for rent, while rental demand is now 17% lower than it was a year ago
Market outlook for 2025 and beyond. Cautious optimism.
Looking ahead, the consensus among property market experts is for steady, modest growth rather than any dramatic swings. After the slight dip in momentum recently, Bristol’s housing market is expected to gently pick up pace through late 2025.
Mortgages
The average two-year fixed mortgage rate has fallen to its lowest point since the start of September 2022, before the ‘mini-Budget’.
The availability of product choice grew further, and the average shelf-life of a deal fell.
Interest Rates and Mortgage Costs
Several major lenders, including Barclays, Nationwide, Lloyds, Halifax, HSBC, and Virgin Money, have lowered their mortgage rates.
We hope that was useful and informative. As always, our teams are here to help, get in touch with any questions about your local property market.
If securing a new mortgage or arranging a re-mortgage is important for you right now, click here to book an online consultation, our mortgage brokers are independent, and their services are free to you.
Finally, if you are (understandably) confused by some of the mixed market reporting, not least by some of the more sensational news reporting each month, click here for some independent insight into how House Price Indexes are compiled.
Sources: Rightmove, Zoopla, On the Market, Dataloft by Price Hubble, Land Registry, ONS National House Price Index, DLUHC.