This UK city has one of the hottest property markets in Europe
This UK city has one of the hottest property markets in Europe
(It’s not London)
Home prices in Bristol, a city in the southwest of England are rising faster than in the UK capital, and the market is one of the most exciting in Europe right now, writes Business Insider.
New data from Knight Frank reveals average property prices in the city increased by 15.8 percent in Q3 2016 compared to the same period the previous year, this marks the city our as being third for house price growth in Europe, with Budapest and Oslo in the lead.
On a global scale, Bristol now ranks twentieth for price growth.
Comparatively, London registered a 9.2 percent price growth in Q3 2016. While the devaluation of the Sterling following Brexit may have sent some overseas buyers on a ‘buying spree’ in the capital, overall the eye-watering climb of London property prices is at an end, with both Brexit and changes to stamp duty in 2016 deterring some high-end buyers.
Bristol’s success is the result of has more favourable market conditions, being “fuelled by low mortgage rates, and a structural undersupply of housing,” according to Kate Everett-Allen, international residential research analyst at Knight Frank.
Chinese buyers have long been keen on London property, and a new wave of interest in Britain’s secondary towns is predicted, as an appetite for overseas investment increases.
More: Asian HNWI still love a slice of London luxury
“Once they’ve got somewhere to live in China, the reality is that the domestic market is quite expensive, so that’s why they are looking more for international opportunities,” Charles Pittar of Juwai.com, China’s largest international real-estate website, told The Guardian. “Like anyone who wants to preserve their wealth, diversification is important.”
As Pittar explains, Chinese overseas buyers have four main motivations: investment, lifestyle, emigration and education. It’s common for a buyer from China to purchase a property where they hope their child will go on to study. With Bristol’s university a member of the prestigious Russell Group (the UK’s answer to the Ivy League, a list which also includes Oxford and Cambridge), it seems inevitable that Bristol will catch many a Chinese buyer’s attention.
Properties you can buy in Bristol right now:
Click to view slideshow.
Read next: 3 things UK property experts have told us about London Mayor’s investigation into foreign investment
Source: Property Report