House prices in Bristol have risen faster than any other major British city in the last five years
- Property value in Bristol has risen around 8.9 per cent a year from April 2013
- In London the value of housing has only risen around 8.6 per cent annually
- Average property price in Bristol is £287,000 compared with London’s £487,600
House prices in Bristol have risen the most out of all major British cities in the last five years, figures have revealed.
Property value in the city increased by an average of 8.9 per cent each year from April 2013, beating London – where prices rose 8.6 per cent in the same timeframe, according to Hometrack.
Bristol’s average property price is £278,000 compared with £487,600 in the capital, but the report suggests sellers in the South are having to accept greater discounts on asking prices.
Homeowners in Cambridge, London and Oxford had to take cuts of up to 4.7 per cent on average – only Liverpool and Newcastle saw larger discounts.
House prices in Bristol (Totterdown area pictured) have grown faster than any other major UK city including London
The rise in prices is slowing, with an average increase of 4.9 per cent on last year, down from 6.9 per cent.
In the 20 cities analysed, Aberdeen was the only one where prices fell – by 7.2 per cent.
The two next worst-performing were Cambridge, which grew by 0.1 per cent, and London, with an average price increase of 0.8 per cent.
Data from the National Association of Estate Agents Propertymark shows that demand from buyers grew by 9 per cent last month.
On average, estate agents had 337 house-hunters registered per branch, compared to 308 in March.
Mark Hayward, of NAEA Propertymark, said buyers would face ‘stiff competition’ from house-hunters with the supply of available homes falling.
Bristol’s average property price (city centre pictured) is £278,000 compared with £487,600 in the capital
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