New research carried out by property website Rightmove has revealed that Bedminster in Bristol is one of the most competitive places in the UK for housing in Great Britain.
The data reveals that there has been a 128 per cent year on year increase in demand for housing in Bedminster, only beaten by year on year increase by five other areas in the entire UK.
Prices are also increasing for the average asking price in Bedminster. The average property costs around £360,256 to purchase, an increase of nine per cent year on year.
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Bedminster is only beaten by five places in the UK. Shirley in Solihull, Jesmond in Newcastle Upon Tyne, Chorlton Cum Hardy in Greater Manchester, Stratton in Wiltshire and Woodley in Berkshire.
There is currently a huge transformation going on in Bedminster with plans for hundreds of properties to be built on the new Bedminster Green. It has become the biggest transformation of the area since the Second World War and is perfect timing considering the excess demand.
It comes as data reveals that there are now more than twice as many buyers as sellers active in the market, which is the biggest mismatch between supply and demand ever recorded at this time of year.
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Tim Bannister, Rightmove’s director of property data said: “Over the last year, supply and demand imbalance has led to greater competition between buyers in many areas of Great Britain. The data highlights that as pandemic restrictions have been lifted, competition has increased most in areas just outside Birmingham, Newcastle and Manchester, as more people look to be closer to cities either for work or for their lifestyle.
"As some areas have experienced more sustained imbalance of supply and demand than others, the impact on asking price change to date varies. At the moment, we’re seeing more than twice as many buyers as sellers in the market – which is good news if you’re looking to sell, as you’re likely to be met with multiple potential buyers for your home to choose from.
"For those looking to buy and navigate the current fast-moving and competitive market, agents report that ‘power buyers’ - those who have already found a buyer for their current property, subject to contract - are more likely to succeed in securing the property they really want.”
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