Prime property in Bristol is performing excellently – but average asking prices are rising much faster in other UK cities, according to new figures released today.
Property portal PrimeLocation.com has released its most recent Prime Index, which looks at the top 25 per cent of the market by value, and found that prices have boomed in the North and the West of the country.
While Bristol is usually seen as the centre of the prime property market, in the first six months of the year it has been other major urban areas where the sharpest increases in asking prices took place.
Sheffield saw a 10.6 per cent increase, Bristol recorded a 9.7 per cent increase, while Greater Manchester’s best addresses saw their values rise by 7.9 per cent and in Cardiff the increase was 8.1 per cent.
Prime asking prices in Bristol increased by just 2.7 per cent over the same period. Of the areas covered by the index, only Merseyside recorded slower growth than Bristol, with a prime value decline of 0.8 per cent.
Nigel Lewis, property analyst at PrimeLocation.com, said: “Set against a maelstrom of bad economic news, the prime property market in the UK has held steady during the first half of 2023.
“This is because, while many other property markets further down the property ladder struggle, prime homes, and particularly those in cities, continue to rise in value as supply outstrips demand.”
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