What has been happening during the first Quarter of 2025 in Bristol?
The first quarter of this year seems to have flown by in a flurry of activity and with Easter fast approaching, I thought it would be an opportune time to reflect back on the first quarter of 2025, and give a brief update as to what I have been witnessing in the Bristol property market and look ahead as to what may be in store for the coming months. It is important to highlight that the Bristol property market even in itself is complex and nuanced with factors such as price point, location / situation and type of property all influencing transaction volumes and prices achieved, so for the purposes of this short blog post, I will just be focussing on considering the medium to higher end of the market (properties with asking prices in excess of £800,000) and in the City of Bristol itself and most notably areas such as Clifton, Redland, Cotham, Westbury Park, Sneyd Park and Leigh Woods.
Increased movement in the housing market …
We have witnessed increased levels of properties (thought to be in excess of 13%*) being openly listed for sale, compared to the same time period in 2024 and although the economic outlook for the UK is far from the rosy picture we all aspire for it to be, one positive change from this time last year is that we don’t have the political uncertainty that resulted from an impending National election. Last year understandably felt like a ‘let’s sit and wait and perhaps rent before we buy’ type of year whereas there is a feeling that having paused on the sidelines for a substantial period, clients are motivated to purchase their own home and re-invest in Bricks and mortar.
Buyer appetite and negotiating power …
Several clients I worked with over the last year have, in the past 6 months, re-appointed me to find them their ‘dream home’. Generally these clients are focussed on very specific locations (often narrowed down to a specific street), which of course makes finding an ideal house, in a particular location, a challenge, and where my role as a buying agent – with a key focus on uncovering off market opportunities, comes in!
Understandably given the evolving economic and geo-political landscape, together with the ongoing cost of living crisis, the housing marker is highly price sensitive. Buyers now have comparables at their fingertips and are adept when it comes to appreciating a property’s value and worth. Where asking prices are overly ambitious, we have seen properties linger on the market for too long. Conversely, when properties are priced correctly, have a certain ‘wow’ factor and tick the key boxes particularly with regards to location, the condition and specification of a property, garden / outside space, aspect, parking and level of energy efficiency then they tend to attract a great deal of interest, with ‘best and final bid’ situations not being uncommon.
The negotiating power of immediately proceedable buyers who have the funds in place to proceed quickly is not to be under-estimated. I spoke with a Clifton agent just yesterday who said that some of his clients decided to proceed with the 4th highest (of 6) offers on their house due to the buyers immediately proceedable position. Recent clients of mine have been increasingly conscious of putting themselves in the most advantageous position with which to grasp opportunities as soon as they present themselves.
It has certainly been a busy first quarter with purchasers being eager to secure and complete on properties prior to the reduction in stamp duty threshold which came into effect on 1st April 2025. Momentum in the housing market has been further aided by the Bank of England reducing its base rate to 4.5% (from 4.75%) in February 2025 and mortgage rates correspondingly decreasingly slightly. Movement has also been aided by the build up to, and emergence of Spring which is a notoriously key time of the year to market a property with gardens blooming and the sun shining.
What lies ahead …
It will be interesting to see how the coming months play out, particularly given all that is going on in the world and in light of Global tariffs. It is likely that we will witness a slow down in transaction volumes over the Summer months, as typically happens seasonally. The appeal however of Bristol, Bath, North Somerset and South Gloucestershire as places in which people re-locate from London and the South-East in particular, but also internationally, seems to show no signs of waning.
If you or any clients, family and friends are considering a move to Bristol or the surrounding areas and might like some initial help or informal advice, I would be delighted to assist.
Email – charlotte@strangandco.com
*Property Reporter
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