Main regional city centres across the UK are expected to outperform with higher sales price and rental growth as the rise of city centre living continues.
Both Bristol and Exeter have seen resurgent sales and rental markets in recent years. City living has gained strong momentum in Bristol and Exeter over the past three years and, together with an active student market, has pushed demand in both the sales and lettings markets notably higher. And with housing supply in these city centres constrained, prices and rents have soared.
Residential Forecasts: South West England
• House price growth in the South West has been closely aligned with the national average in recent years
• Bristol and Exeter to experience higher house price growth and rental growth than both the UK and South West averages
• During 2017 alone a typical two bedroom Bristol city centre apartment has risen from £260,000 to £280,000
• The Build to Rent market in Bristol is one of the most active across all the UK’s city centres
• Driven by a lack of new supply, sales prices on new development in Exeter will rise quite strongly over the next 5 years
• Over the next five years city centre rents in Exeter will rise, with a lack of new supply contributing to an average 3.1% pa increase
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