As investors we are always on the look out for the next property hotspot. But would you have guessed on Bristol being the number one UK property hotspot? In fact, the number of homes sold in the Bristol postcode surrounding Avonmouth nearly doubled in 2014 from the previous year. Are Britain’s latest property hotspots developing into regional house-price bubbles? Well it is looking that way. Avonmouth, next to the Royal Edward Docks (a vibrant area that has benefited from extensive regeneration) was the district with the biggest increase in transactions last year, as sales jumped 94.5pc in 2014, according to new analysis from property agents Hamptons International.
The number of sales rocketed 128 to 249 over the year and house prices grew 21.1pc, double the rate of the national average. In the Hamptons 2014 index of British postcodes by transaction volumes, neighbouring Redcliffe in Bristol city centre came second with sales up 93.2pc last year. It’s all about Bristol!
There has been a huge growing demand to live in and around Bristol. So what are the reasons for this desire to live in Bristol? Maybe because it’s one of the UK’s leading tech scenes. Possibly the relatively large number of new-build developments and high use of the Government’s Help to Buy scheme. For investors, Bristol could be the place for capital growth.
Other UK property hotspots measured by the rise in the number of property sales, included Langdon Hills in Basildon, Essex, which came third in the ranking. Parts of Leicestershire, Cambridgeshire and North Dorset also recorded huge increases in transaction levels. Cardiff also featured in the top ten UK property hotspots, which only studied postcode districts in which there were more than 100 sales in 2013.
Focusing on areas in and around London, Greenwich, Croydon and Dartford all reported an increase in sales too, landing in the top 20 areas by increase in home sales in 2014.
With the extortionate high prices of central London property, these boroughs on the outskirts of London have benefited from those moving out from the centre. High prices for zones one to three for London transport could also be a major factor for first-time buyers buying in Croydon rather than Clapham.