Bristol Property Investment 2023 – The Best Buy to Let Property Areas in Bristol

Bristol’s local economy generates around £32 billion per year and is expected to grow by 3% over the next 10 years. There are many reasons to invest in investment properties in Bristol, with many statistics surpassing the national average. Along with a booming property market and one of the best investment areas, Bristol rental property has a lot to offer residents with some awe-inspiring statistics. It was the first UK city to undertake a local currency project, the Bristol Pound, carving the way for other towns to add some momentum into their local economies and businesses.

There is a wide range of property types available, from waterfront studio residential property to Victorian terraced houses. As one of the UK’s most popular places to live and visit, Bristol investment property helps make up a thriving buy to let market. The Bristol housing market has become increasingly popular over the past decade. Houses and flats are the most popular investments, but the possibilities are endless. This could be because of how liveable the city is on the whole. In 2014 and 2017, Bristol was named the best city to live in Britain by the Sunday Times. This then meant the demand for more properties increased as people realised it’s potential.

A report in 2020 found that the three top words used to describe the city were “diversity,” “culture” and “green.” These words paint a perfect picture of the city, with over 91 different languages spoken by residents. Bristol is fast becoming one of the most thriving and innovative cities in the country, and if you are looking to invest in UK property, it may be worth considering.

The city is one of the largest in the UK, with a population growing more quickly than other UK cities. Over the next 25 years, the population is set to rise by 15%, which is higher than England’s other core cities.

The Bristol housing market and the buy to let market, in particular, has seen a wealth of growth. Bristol buy to let hotspots such as Clifton and Redland show that the property investment Bristol offers is popular in the city centre and outside of the city centre. One of the most significant factors relating to the Bristol buy to let market is the strong economic growth over the past few years. The city is driven by an office-based employment sector which is only thought to strengthen over the coming years. For Bristol property investment dreamers and those looking to invest in Bristol buy to let, the demand means you’ll have a steady stream of potential tenants. Tenants will primarily be young professionals who filter into the city to live and work in the strong business sector.

A Growing Population

Bristol’s population is estimated to be over 463,400, meaning it is one of the largest cities in the South West. The local authorities predict that by 2029, the population will reach just under half a million. Since Bristol boasts the 10th largest population in England, it’s no wonder investors find that property investment in Bristol works great for them. Having a larger population means that properties will have a higher demand as more tenants want rental accommodation. A growing population has led to high rental demand and continued capital appreciation on properties you invest in. This means in 2023, property investment in Bristol has never been better.

Expanding Economy

Since 2006, around 23,000 new homes have been built in Bristol which takes the total number of homes in the city to over 200,000. This growth will continue in the future, with Bristol city council building 33,000 new homes by 2036. This expanse poses a rich property investment opportunity, with tonnes of investment properties in Bristol to choose from.

Due to a growing population, Bristol is now one of the biggest employers in the UK. There are around 42 million people within 150 miles of the city, making it a hotspot for businesses. The biggest strength in this regard lies in its science and tech sectors that have enjoyed considerable growth over the last decade. Bristol is home to huge companies like Airbus and Rolls Royce. It’s predicted that this growth will continue to rank above the national average. That means there will be significantly more jobs in these sectors of Bristol’s workforce.

Around 80,000 jobs are expected to be created by 2036. The city already has an employment rate that is 6% higher than the UK average, showing just how well Bristol is thriving despite economic pressures like Covid-19 and economic uncertainty.

While there are many Bristol areas with some promising benefits in terms of capital growth and rental demand, high property prices in Bristol and resultantly lower rental yields are causing many people to look elsewhere for buy to let investment opportunities. So how does investing in property in Bristol compare to investment opportunities in other UK cities?

Let’s start with London. The London property market has received a lot of negative press over the years regarding property investment, due to huge prices, low rental yields and slower house price growth. For context, London house prices, which currently sit at £741,087 on average, are set to see a negative increase of -1.7 % by 2027, which is the lowest predicted growth in the country. While the Bristol property market and property price growth tend to be stronger in Bristol than London. It’s clear buy to let Bristol properties are a more tempting offer for investors than those offered in the capital.

When you compare Bristol rental property investments with those in cities up North, however, such as Liverpool and Manchester, it’s evident that there are more attractive opportunities elsewhere. Around 13% of people are leaving London to move up North, demonstrating a wider trend of people wanting to live in the region. Businesses and people alike are flocking to the Northern Powerhouse, which boasts unparalleled growth and affordable living costs.