This is what it costs to buy a home in Bristol How much do you really need to save to purchase a property in Bristol, which areas suit your budget, and when […]

How much do you really need to save to purchase a property in Bristol, which areas suit your budget, and when is it time to buy? The idea of buying a home is exciting but also overwhelming, particularly for first time buyers.

We’ve broken things down to answer all of your questions.

The average cost of a house in Bristol

The average price of a home in Bristol is currently £314,629, having dropped -0.63 per cent.

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Last year, in July 2016, the cost was £316,632, £2,003 more than 2017 prices.

To compare, the average UK house price as of April 2017 was just over £220,000. This is £12,000 higher than in April 2016, and £3,000 higher than March 2017.

The average deposit for a house in the South West

In the first three months of 2017, the average mortgage deposit for a property in the South West of England was £70,151.

Bristol property: the extremes The most expensive city centre property currently on the market in Bristol is listed at £945,000 The cheapest city centre property currently on the market in Bristol is listed at £99,000

The most expensive areas to buy in

At the moment, the three most expensive Bristol locations to purchase property in are the BS8 postcode area (which includes Clifton and Abbots Leigh), the large BS40 area (just south of Bristol Airport), and BS6, which Redland, Cotham and Montpelier all fall under.

A home in popular Clifton or Abbots Leigh now costs an average of £561,590.

In the BS40 postcode bracket, buyers are now looking at an average price of £500,346.

For a Redland, Cotham or Montpelier property, the average cost is £495,087.

The cheapest areas to buy in

Average property prices by Bristol postcode BS11 – £202,693

BS13 – £203,732

BS5 – £213,992

BS4 – £232,817

BS14 – £238,345

BS15 – £239,037

BS34 – £247,547

BS10 – £248,662

BS2 – £255,910

BS37 – £272,899

BS3 – £275,140

BS32 – £294,225

BS30 – £294,457

BS16 – £296,374

BS1 – £308,689

BS49 – £327,230

BS39 – £327,587

BS7 – £334,334

BS35 – £336,440

BS20 – £345,688

BS31 – £354,311

BS36 – £381,248

BS48 – £387,854

BS41 – £459,226

BS6 – £495,087

BS40 – £500,346

BS9 – £514,442

BS8 – £561,590

On the opposite end of the spectrum, Avonmouth and Shirehampton (BS11) are the most affordable places to buy a home in Bristol. Close behind is Bishopsworth (BS13), followed by the slightly more expensive BS5 postcode area, which includes Lawrence Hill and Clay Hill.

A home in the BS11 postcode area now costs an average of £202,693, which is a £904 drop since July 2016.

In stark contrast to this, the average property price in Bishopsworth (BS13) is £203,732, while houses and flats in the third most affordable Bristol area (BS5 postcode) sell for an average of £213,992.

The areas with the fastest rising prices

Despite an overall average decrease city-wide, Bristol property prices have risen (dramatically, in some cases) across much of the city.

It is perhaps no surprise that the areas with the fastest rising prices are also the most expensive places to buy.

The BS40 postcode area has seen property prices increase by an average of £9,675 in the last year, closely followed by BS8, where homes now cost £9,339 more than they did in July 2016.

The areas with the fastest falling prices

The very central BS1 postcode area (which includes Broadmead, Redcliffe and Spike Island) has seen a significant drop in property prices in the last year.

Homes here now cost an average of £308,689 to buy – £2,560 less than July 2016.

How Bristol property prices might change in the future

House prices have soared in Bristol throughout the past year, despite political and economic uncertainty. Bristol Property Blog suggests that this may be the result of an increase in employment opportunities in the city, as well as growing salaries.

The blog also predicts that, by 2021, the value of the average home in Bristol could increase by more than 43 per cent.