According to a recent analysis by Zoopla, property prices in Bristol saw a decline of 0.9% over the past year. This reduction has shaved approximately £3,000 off the value of a typical home in the city. This dip contrasts sharply with the broader UK market, which experienced a more modest average decrease of 0.3% since February 2023.

Despite the recent decline, Bristol homes still command a premium compared to the national average. The current average home value in Bristol stands at £331,700, significantly higher than the UK’s average house price of £263,900. However, over the past month, house prices in Bristol have remained unchanged, indicating a potential stabilisation in the market after the recent decrease.

Long-Term Growth Still Positive

Looking at the bigger picture, Bristol’s housing market has shown strong growth over the past five years. Property values have increased by 21.1%, demonstrating significant long-term gains for homeowners in the region despite the recent downturn.

Bristol’s Market in the National Context

Data from Rightmove underscores Bristol’s position as one of the UK’s priciest regions for entering the housing market. It ranks as the seventh most expensive city in the country, with the average asking price for smaller properties suitable for first-time buyers pegged at £280,112.

Moreover, the typical monthly mortgage payment for these properties, assuming a 35-year mortgage term, is approximately £1,039. This places Bristol just below Brighton in terms of expense, while London remains the most expensive city.

Renting in Bristol A Costly Affair

The rental market in Bristol also reflects a high-cost environment, making it the sixth most expensive city in the UK for renters. The average monthly rent in Bristol is £1,336. In comparison, London renters face the highest costs, with an average rent of £2,264 per month, while Carlisle offers the cheapest rental options at just £607 monthly.

Methodology Behind the Numbers

The research provided by Rightmove includes a comprehensive analysis of over 50 cities across Britain, focusing on the costs associated with purchasing and renting properties. For potential buyers, the assumptions include a 20% deposit for first-time buyers in Scotland and Wales and a slightly higher 25% deposit for those in England. These figures reflect the average industry requirements for securing a home loan.