Property prices in the South West are high in comparison to more northern areas of the UK with the average property price over the last year in Bath at £486,525 and £323,395 in Bristol. (https://www.rightmove.co.uk November 2020).
Property prices in Easton area of Bristol have seen the biggest increase across the UK in the last decade with an increase on the average price up 120%. (https://www.theguardian.com/uk, October 2020).
Despite the lockdown in the UK, the property market in the South West still remains very busy with a lot of people looking to upsize or make that step on to the property ladder. As of November 2020 Rightmove confirmed that there had been 195 properties sold over the last 6 month’s with the average price at £509,435.
There is speculation as to how long this property surge will continue for and a lot of this movement is credited to the current Stamp Duty relief in place across the UK. Although with the news bringing out lifting of the current lockdown restrictions and a vaccine which should ease the restrictions long term there are positive movements to indicate that we could be coming towards the start of a new normal.
Rightmove statistics show that over the last year property sold prices in Bristol have been up 3% on last year and in Bath they are up 4% on last year as of November 2020.
If you are looking to move and would like to discuss your options for a mortgage our fee free specialist advisers will be able to provide you with all the information you require.