Zoopla shares median home price in Bristol after market slowdown

New data examining the UK property market has shown that annual house price growth in Bristol slowed to 4.2 per cent in February. This means that, compared to the previous year, house prices sold on average 4.2 percent higher compared to the previous year.

However, this growth is much lower than the year-on-year comparison of February 2022, when price growth was 9.9% compared to February 2021. Median house price in Bristol is now £335,100 , according to new figures from Zoopla.

Statistics show Bristol property trends are in line with the national pattern across the UK, where house price growth slowed to 4.1%, down from 9%. A year ago. The average price of a property in the UK is £259,700.

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Quarterly statistics also showed a slight decline: UK prices were down 1% in February 2023 compared to October 2022. However, despite the negative trend, Zoopla’s report overall had a positive outlook. It predicts 500,000 completed sales in the first half of 2023 and at least 1 million sales in 2023.

Although the national economic outlook is still uncertain, he says the property market is seeing a return of buyers, with demand for homes reaching its highest level since last October and the fallout from the mini-budget. In the UK, demand for properties is 16% higher than now in 2019, supported by an increase in supply, with 65% more homes for sale compared to March last year and more sales in cheaper price ranges.

Zoopla suggests that demand has weakened in areas like Bristol, where prices rose the most during the pandemic and are higher than the national average. Including the southern half of England and the Midlands, these markets are where higher borrowing costs have had the biggest impact on buying power, she says.

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