Home prices in Bristol, a city in the southwest of England are rising faster than in the UK capital, and the market is one of the most exciting in Europe at present, reports Business Insider.
New data from Knight Frank reveals average property prices in the city increased by 15.8 per cent in Q3 2016 compared to the same period the previous year. On the list led by Budapest and Oslo, Bristol is third for house price growth in Europe.
Globally, Bristol now ranks twentieth for price growth.
Comparatively, London registered a 9.2 per cent price growth in Q3 2016. While the devaluation of the Sterling following Brexit may have sent some overseas buyers on a ‘buying spree’ in the capital. Overall the eye-watering climb of London property prices is at an end, with both Brexit and changes to stamp duty in 2016 deterring some high-end buyers.
Kate Everett-Allen, international residential research analyst at Knight Frank says, “Bristol’s success is the result of more favourable market conditions, being “fuelled by low mortgage rates, and a structural undersupply of housing”.
Chinese buyers have long been keen on London property, and a new wave of interest in Britain’s secondary towns is predicted, as an appetite for overseas investment increases.
“Once they’ve got somewhere to live in China, the reality is that the domestic market is quite expensive, so that’s why they are looking more for international opportunities,” Charles Pittar of Juwai.com, China’s largest international real-estate website, told The Guardian. “Like anyone who wants to preserve their wealth, diversification is important.”
Pittar explains Chinese overseas buyers have four main motivations: investment, lifestyle, emigration and education. It’s common for a buyer from China to purchase a property where they hope their child will go on to study. With Bristol’s university a member of the prestigious Russell Group, Bristol is all set to catch the attention of Chinese property investors.
