Price growth at the top end of Bristol’s property market is slowing, according to the latest house price index from Knight Frank.
Prices for prime properties—defined as the top 10% of the market—in the city in South West England rose 1.6% between January and March and increased 4.7% over the last 12 months, according to this week’s report from London-based property consultants.
That’s compared to 7.3% growth seen in the year to March 2016, the most recent first quarter for which data is available.
The easing of price growth reflects the “price-sensitive nature of demand following changes to stamp duty and recent political events,” the report said.
The properties with the fastest-growing value were those priced up to £750,000 (US$1.06 million), a segment of the market which saw price growth of 6% annually; homes valued between £750,000 and £1 million (US$1.4 million) logged annual price growth of 3.8%; properties priced between £1 million and £2 million (US$2.83 million) saw prices rise 4.7%; and the priciest homes, those valued above £2 million, saw the lowest rate of growth at 2.7%, according to the report.
Prices for flats outperformed houses, rising 6.6% annually, compared with 4.7% (for houses).
Interest is still high, though. “The market continues to be busy, with the number of prospective buyers registering their interest in buying a property through us 7% higher so far in 2018 than at the same point last year,” said James Toogood, head of Knight Frank’s Bristol office, in the report.
But buyers remain price conscious. “Our experience is that deals are being agreed where vendors are willing to take a pragmatic approach to pricing,” he said.
Famed for its maritime history and art scene, the city is where Banksy began as a graffiti artist. Bristol is one of the U.K.’s largest cities.
Its price growth is way above that of London’s prime market, which has seen prices decline 1.1% in the year to February, but far below prime property values in the Scottish city of Edinburgh, where prices rose to a new high of 7.7% in the year to March, the highest level of growth of any prime market Knight Frank tracks.
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