Saturday, February 24, 2024
Real EstateUK

Bristol property prices rose last year

Bristol property

Between April 2020 and March 2021, the average price of a home in Bristol increased from £309,544 to £370,206

Property prices in Bristol have risen 20 per cent on average in the last year, according to Bristol Live analysis of Land Registry data via Rightmove.

According to the latest data, the average price of a home in Bristol increased from £309,544 to £370,206 – a difference of £60,661, between April 2020 and March 2021.

The postcode with the biggest relative price increase was BS14, which includes Hengrove, Stockwood, and Whitchurch.

The average property sale price at the postcode rose from £198,658 to £294,154, a 48 per cent hike.

The next highest percentage increase was at BS6, which covers Cotham, Redland, Montpelier, Westbury Park, St. Andrew’s, where the average price rose 42 per cent from £414,533 to £589,021.

The data take in to account the sale prices of detached, semi-detached, terraced houses and flats.

Across the UK during the same period, home prices increased from £230,296 to £256,406, or 10.2 per cent, which is the fastest annual growth rate for 14 years.

That’s despite the pandemic resulting in nearly 1.2 million people losing their job over the course of the crisis.

Median monthly pay grew by 3.9 per cent in the year ending February 2021, according to the Office for National Statistics.

However that figure is likely to be higher than workers’ actual wage growth, since the people who have lost work in the past year have been disproportionately lower paid, pushing the average up.

Despite many people losing work and money during the pandemic, millions of people are better off now than they were before.

The market has also been inflated by the government’s stamp duty relief, which was introduced in June 2020 and precluded house buyers from paying the tax on the first £500,000 of their purchase.

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