A newly released study has revealed that property prices in Bristol have had the ninth-biggest rise in the UK over the last 10 years.
The study conducted by the online trading platform, CMC Markets , analysed house price data from the Office for National Statistics (ONS) between 2012 and 2022 to find which area saw the highest increase in house prices and as well as the highest return on investment.
New research shows the UK areas with the highest increase in property prices in the past decade with Bristol taking the ninth spot, with a house price increase of almost 95 per cent over the last ten years. Currently, the average house price in Bristol is more than £338,000 whereas a decade ago, the average cost was around £174,0000 - meaning its value rose by almost 95 per cent.
READ MORE: Two-up-two-down terraced home being turned into 7 bed HMO is 'appalling'
This comes after the Bank of England forecasted the UK will fall into a recession this year, with inflation rising above 10 per cent for the first time since the 1980s back in July while the energy price cap nearly doubled last month.
Property experts have now predicted what they believe will happen with property prices in the city over the next few months. Robert Payne, director of Langley House Mortgages, said: "The number of properties coming to market in Bristol has reduced but there is enough to keep estate agents busy.
“The properties that are coming to market are not flying off the shelves like they were a few months ago but they are still going for asking price, at reasonable speed,” he added.
Graham Cox, founder of the Bristol-based broker SelfEmployedMortgageHub.com said: "Property prices have ballooned to increasingly absurd levels over the past two years and are unsustainable. I believe we'll see a 5-10% fall over the next year.
“We actually need house prices to not increase at all for about a decade or more, to allow wages to catch up.”
Here is a list of the 10 UK areas with the biggest increase in houses prices since 2012
READ NEXT:
- Brislington Meadows: Government will ask itself if it can build homes there
- What next for Ashton Gate Sporting Quarter and Longmoor greenbelt housing plans
- Bristol restaurant Vincenzo's to be demolished for student flats
- Former health practice in Grade II Georgian building could make perfect family home
- Care home village site could be turned into hundreds of flats
