For those of us that live and work in Bristol it will come as no surprise that the Bristol residential market is expected to go from strength to strength. Ultimately, this signals good news for our residential developer and property portfolio clients. However, unless developers and planners are able to meet Bristol's increased need for housing to cater for the city's growing economy, is there a risk that Bristol could become a victim of its own success?
JLL predicts that, with certainty expected to return to the market on the back of a Brexit deal, house price growth in Bristol will outstrip the performance of the past 12 months and they forecast an increase of 2.8% pa compared with UK wide growth of 2.2%. The rental market in Bristol is also predicted to rise. Under supply of rental properties is leading to strong rental growth with the average rent in Bristol increasing by 4.1% last year. JLL expects rental prices to increase by average of 3.1% per year over the next five years compared with an average of 2.4% across the UK.