Bristol is now one of the best-performing housing markets outside of London, with property prices rocketing in the last 14 years.
Average house prices in the city have risen by 90 per cent since 2005 – up on the national average of 48 per cent - according to a new report by estate agency Savills.
This makes Bristol the fourth-strongest market outside the capital – behind Cambridge, St Albans and Three Rivers.
However, the city's property market has slowed down in recent years, with price rises totalling 11 per cent since the Brexit vote in June 2016.
Lucian Cook, head of Savills residential research division, says weaker sentiment since the referendum had caused a "ripple of caution" spilling out from London.
"On a purely economic basis, the country is in good shape," he said. "Unemployment is low, the price of borrowing is low and wages are rising.
"However the property market has been driven by sentiment which, in the face of political uncertainty caused by Brexit, has stalled growth.”
In the last 12 months low consumer confidence has caused some markets to decline. Although Bristol has avoided this, growth has been minimal at one per cent.
David Wild, head of residential sales for Savills Clifton, said: “While Brexit has acted as a drag on our prime market, Bristol remains an incredibly popular place to live.
"Indeed, despite the political climate, our office has seen a notable increase in demand for property in both the city and country this year."
David says Savills has registered 38 per cent more buyers this year than in 2018 and this has translated into a 20 per cent increase in transactions.
"This is despite the fact that less property has been brought to market, demonstrating real commitment to purchase in Bristol," he said.
'Prime city postcodes and villages with good amenities are likely to sell particularly well'
Looking ahead, Savills forecasts a return to growth over the next five years.
Richard Brooks, head of its Clifton office and the firm’s south west residential division, said: “More certainty will stimulate the market, reintroducing a more normal pattern and unlocking price growth that is broadly in line with incomes."
Savills forecasts mainstream values increasing in the South West by an average of 13.1 per cent, while prime property – the top five-to-10 per cent of the market – will see growth of up to 16.5 per cent in the five years to the end of 2024.
David added: “We’re not expecting a spike in house price inflation, rather steady growth over a period of years.
"This will be modest over the next year, during which time sensible pricing will continue to be paramount to success.
"Properties in prime city postcodes and villages with good amenities are likely to sell particularly well, as will homes with secondary accommodation or other opportunities to add value.”
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