Estate agents report growth in Bishopston property market

October 01 2013

Rising demand and growing confidence in the property market has benefited sellers in Bishopston, estate agents are reporting.

by Rebecca Day

Rising demand and growing confidence in the property market has benefited sellers in Bishopston, estate agents are reporting.

Andrews has reported a citywide trend of properties reaching their asking prices and, in some sought-after areas, even more.

Bishopston is among the areas attracting interest and Michael Robson, chief executive at Andrews, said: “With valuations increasing by up to 10 per cent over the past year, many properties in Bishopston, which were not selling two years ago, are now selling due to a high demand from buyers.”

Neighbouring Westbury-on-Trym has also experienced a considerable upturn, the agency reports. A three-bedroom semi-detached property was recently put on the market at £250,000. After receiving 10 offers, the property was eventually sold for £270,000.

The average house price in Bristol now stands at just under £214,000 – a 0.7 per cent increase on last year.

The latest figures from Halifax reveal that house prices nationwide have risen at their fastest pace in three years and the mortgage lender believes that prices will continue to gradually increase for the rest of the year.

This summer, Andrews also recorded a 6 per cent increase in viewings – higher than any other time this year – and a 15 per cent increase in tenant applications.

Ocean Homes has also noticed a similar trend. Andrew Morgan, director of Ocean Homes in Clifton, said: “At the beginning of the year, the outlook for the property market was uncertain. However, over recent months we have seen a marked improvement with house prices and sales on the rise.”

Ocean Homes believes that cheaper mortgages and the introduction of the Government's Help to Buy scheme – a £3.5 billion investment to assist people to purchase their own homes – have helped the property market swing back into growth. 

Mr Morgan added: “We have seen improvements throughout the whole year with an increase in sales, compared to where we were last year.

“The property market saw a major decline throughout the past three to four years, but we are now hitting similar levels to 2007.”