Complete 2023 Guide.

Bristol House Prices

House prices in Bristol UK

Key takeaways:

  • In this report, you’ll find the latest house prices in Bristol using data from the Land Registry.
  • You’ll discover how much Bristol house prices have risen since 2021.
  • And you’ll see the latest house prices in Bristol forecast for 2022, 2023, and beyond.
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bristol-area-guide

Bristol Property House Prices 2023 & Beyond

The average house price in Bristol was £343,292 in June 2022.

This means house prices in Bristol have increased by £29,366 (9.35%) since June 2021 but are £925 (0.28%) lower than last month.

Those buying detached homes paid the most in June, with an average price of £665,391.

Meanwhile, on average, semi-detached properties sit at £432,353, and terraced properties reach £360,714.

Like other property types, Bristol flat prices have slightly dropped since last month and now sit at £256,283.

First-time buyers paid £311,438 in June 2022, while non-first-time buyers paid £382,801.

Bristol House Prices 2022 vs 2021

Property Type June 2022 June 2021 % Difference £ Difference
Detached £665,391 £595,037 11.82% +£70,354
Semi-Detached £432,353 £387,532 11.57% +£44,821
Terraced £360,714 £327,188 10.25% +£33,526
Flats £256,283 £242,025 5.89% +£14,258
Overall £343,292 £313,926 9.35% +£29,366

 

Are house prices falling in Bristol? 

Sold prices in Bristol dropped in June for the first time in 2022.

But they’re still far higher than last year.

Figures released by the Land Registry showed that house prices in Bristol dropped to £343,292 in June, a minor £925 decline.

However, this is a trend shown across the UK property market.

An August 2022 report from The Guardian found that UK house prices had dropped 1.3%, or £4,795.

The report suggests that this drop was in line with summer price trends over the last decade, with many families choosing to go on holiday rather than buy property.

Land Registry data reveals that house prices in Bristol have remained on an upward trajectory since the beginning of 2020.

We took the median price of properties sold in Bristol from Q1 2020 to Q2 2022.

And it revealed that prices increased in nine of the 10 quarters, as shown in the graph below.

As such, if you’re asking, “are house prices rising in Bristol?” it’s clear that homes in the South West have shown a fairly consistent price growth over the last five years.

House Prices in Bristol Forecast 2022 – 2026 

For the first five months in Bristol 2022, house prices experienced a steady increase.

And although there was a minimal drop in June 2022, prices will likely continue to rise.

Private research from JLL and Oxford Economics has estimated that Bristol house prices will rise by 5.5% in 2022.

This is before another 5% rise in 2023.

In fact, between 2022 and 2026, Bristol house prices are estimated to rise by 4.6% on average per year – 0.7% more than the South West regional average.

JLL believes Bristol’s growth will be significant for a few reasons.

  1.     Bristol benefitted from plans by HMRC and BT Group to move over 3,600 employees to the city.
  2.     Oxford Economics believes Bristol will have the second highest GVA growth of 15.6% out of the UK’s major cities.
  3.     Average weekly earnings in Bristol will increase by 14.7% over the next five years – the highest in the UK, according to Oxford Economics.
  4.     The attraction of Bristol is high post-COVID, with 87% of homes accessing ultra-fast broadband above 300Mbps.

Where are the Cheapest House Prices in Bristol? 

Based on Land Registry data from August 2022, the cheapest house prices in Bristol can be found in the postcodes BS23, BS13, and BS11.

BS23 covers the seaside town of Weston-super-Mare and has an average sold price of £220,027.

This postcode is followed by BS13, which encompasses the suburbs of Bedminster, Bishopsworth, and Hartcliffe, with an average price of £262,330.

And the third most affordable is BS11, covering Avonmouth and Shirehampton with average property prices of £267,357.

You can find a full top 10 list below:

Postcode Average House Price
BS23 £220,027
BS13 £262,330
BS11 £267,357
BS24 £274,496
BS22 £275,523
BS10 £280,964
BS15 £281,592
BS2 £291,658
BS14 £292,769
BS5 £299,387

Where are the Highest House Prices in Bristol? 

You’ll likely need to avoid the following Bristol postcodes if you’re strapped for cash.

According to HM Land Registry data, BS41 is the most expensive postcode in Bristol, with an overall average price of £616,926.

The postcode covers the affluent villages of Long Ashton and Dundry.

BS28 is the second most expensive postcode.

It covers Wedmore village and has an average sold price of £611,450.

Finally, BS8 covers Clifton, Failand, and Hotwells and features an average price tag of £599,871.

Postcode Average House Price
BS41 £616,926
BS28 £611,450
BS8 £599,871
BS9 £583,860
BS40 £527,183
BS6 £519,688
BS26 £438,482
BS20 £422,078
BS36 £417,069
BS48 £417,035

 

Is it a Good Time to Buy a House in Bristol? 

With all this data and house price growth, you may wonder if now is a good time to buy a house in Bristol.

And the answer to this will entirely depend on your finances and patience.

House prices are currently on an upward trend, and it looks unlikely they’ll drop anytime soon.

If you’ve got the available cash, you can buy a home now.

Or, you could wait in the hope that house prices drop in 2023, as some companies like Savills have predicted.

But if you’re a first-time buyer and want to take advantage of Help to Buy, you’ll need to act quickly with the October deadline just around the corner.

Check out our Help to Buy Bristol guide to learn more.

Download the Free Bristol Property Market Report Today 

We hope you’ve enjoyed our guide to house prices in Bristol.

However, if you’re hungry for even more information on the Bristol property market, then be sure to download our free market report.

In the report, we go into even more detail on the Bristol market and cover topics like:

  • Why are UK house prices increasing?
  • How many property transactions have there been in 2022, and what does that mean for house prices?
  • The average price of new build properties.

And much more – all displayed in informative and simple graphs and tables.

Just click the button for instant access.

Acknowledgements 

This guide to average house prices in Bristol 2022 was updated in August 2022.

We used data from multiple sources, including The Guardian, UK House Price Index, Savills, and JLL.

House price data displayed in this blog is from June 2022, released on the 17th of August 2022.

Want to learn more about the best areas to live in Bristol? View our complete guide.

Download 2023 Bristol Property Guide