The latest data from the Land Registry reveals that the average house price in the South West is currently £339,200. The data also showed that in December, the average house price increased by 0.5% or £1,680 over the last month which means that the region outperformed others in the same period such as London.
Looking at last year as a whole, average house prices in the South West increased by 14.9% or £44,100.
In Bristol, it was found that the average house price in the past 12 months was £333,000, which was an increase of 7.7 per cent annually. Prices in the area have gone up but not as much as some other cities around the UK – Bristol’s growth sits at number nine on a table of 19 cities.
Property experts predict that, in 2023, affordable cities and the flat market will “fare best” with many people focusing on what they can get for their money at the cheapest price. This could be good news for Bristol, especially for a younger generation who are looking to buying their first homes or for those seeking below market value deals on repossessions via Repossessedhousesforsale.com.
According to gov.uk, 2022 saw 239 repossessed properties reported in the South West, accounting for 8% of all repossessed properties in the UK. When looking at the latest Q4 (Oct-Dec 2022) data, we can see that the South West recorded an increase of 133% YOY vs the previous Q4 in 2021.
Bristol itself recorded 19 mortgage repossessions across 2022. Q4 (Oct-Dec) saw a 33% increase in repossessed properties when compared to the previous quarter. YOY saw a 100% increase when compared to Q4 2021.
Finding Repossessed houses in Bristol is extremely easy. Subscribers can simply search for Bristol, or a specific area in Bristol, and our platform will provide all the relevant repossessed properties.
Although the number of repossessed houses for sale in Bristol started slow in 2022, we’ve seen the number of available properties increase in the city recently on Repossessedhousesforsale.com.
Bristol still remains as a hotspot for investors due to the fact the city has a highly-talented workforce that shape the thriving urban culture. With four world class universities in the region, it is recognised as having the highest proportion of well-educated citizens and the most skilled workforce of any English core city.
Gov.uk will be releasing their latest figures on repossessions in early February so keep an eye out for our latest view on the Bristol repossessed property market shortly after release.
Although property repossession numbers currently remain relatively low when compared to previous years, it is difficult to avoid the signs of another recession hitting the UK later on in 2023. The rise in living standard costs, higher interest rates and the highest inflation the UK has seen in 41 years cannot be ignored.
Repossessedhousesforsale.com are keeping a close eye on the repossessed property market over the coming months to see if there will be a rise in supply as we start 2023. See our latest blog post with our predictions on the repossessed property market this year.
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