Why invest in buy-to-let in Bristol
Bristol has a vibrant and dynamic energy and is a haven for young people. The average age of its population is only 33 and the city is named as the best place in the UK to live, outside London, for under 26 year olds. Its thriving music and club scene, and hipster vibe, attracts people from all over the UK for its progressive and avant-garde character.
In keeping with its youthful and contemporary spirit, Bristol has been named the ‘vegan capital of the world’, making it even more popular with this burgeoning trend of lifestyle habits.
As well as scoring highly for quality of life, arts, culture and music, the city is also growing fast – very fast. A major development near Temple Meads railway station will add 11,000 new homes and create 17,000 jobs. Development of Filton Airfield will see 2,675 new homes and a new 16,000 seater concert venue. The University of Bristol is planning a new campus which will increase student numbers by 30 per cent. The regenerated Harbourside has already rejuvenated the centre of the city with bars, restaurants, clubs and a buzzing atmosphere, bustling with people young and not so young.
The city has an increasing population of 460,000 and the wider region has over 1 million. There are also over 65,000 students, plus the city is a popular tourism location, attracting over half a million foreign visitors alone per year in addition to UK visitors.
A hotspot for jobs growth – it is one of the best cities in Europe for technology, with over 50,000 people working in the sector. Other fast expanding industries include financial services, IT, creative and media and digital. Location-wise Bristol has excellent transport links through its busy international airport, proximity to major motorways, and north-south and east-west railway lines with direct trains to London and the rest of the country.
Bristol has a very strong rental market – from the students, people moving to work here and those who can’t or are not ready to buy yet. Purchase prices are higher than the UK average which might make them beyond the means of many, but for buy-to-let investors the yield is safe due to the high requirement for rental accommodation. Average property prices in the prestigious upmarket Clifton area are £475,000 but it is still possible to get property for under £100,000 in other parts of the city. As the jobs grow and the number of students increase, demand for rentals will increase. Rents have been rising steadily over the last few years and should continue to do so as the city attracts even more young people. After London, Bristol is the most in-demand place for rentals in the UK.