Auction Properties in Bristol
Buying Auction Properties in Bristol, England
It is no wonder that buying auction properties in Bristol is becoming an increasingly popular choice. In fact, Bristol is the second biggest digital communications, creative and tech hub in the UK. The wide range of recreational and cultural facilities are exceptional for a city of its size, making Bristol an ideal location to find auction properties at a bargain price.
Property Prices in Bristol
Like other parts of the UK, Bristol has seen property prices grow by over 70% over the past decade. The average price of a flat in Bristol is just over £250,000 while a terraced house might go for nearly £300,000. The final price depends chiefly on which neighbourhood the property is located in and the condition of the property.
The most expensive area to live in Bristol is Clifton, due to its prime location near the Clifton Suspension Bridge and Avon Gorge. A lot of the property in Clifton tends to be Georgian terraced houses and Regency style crescents. High demand means that these desirable residences can reach prices averaging £350,000-£500,000. At the other end of the scale, it is possible to find properties at auction priced at £100,000-£150,000, but this relatively low figure reflects their poor condition.
Urban renewal projects have transformed some Bristol neighbourhoods. For example, Southville has undergone regeneration since the late 1990s with derelict and abandoned properties converted into independent restaurants, bars and family homes. As a result, property prices have also increased in such areas.
Where Should You Look for Auction Properties in Bristol?
The location you choose to search for property up for auction in Bristol depends on what expectations you have. For example, how close you wish to be to the city centre, which schools you would like to be near and whether proximity to retail parks and other facilities plays a role. The more you are prepared to compromise on location, the greater your chances of finding an auction property in Bristol to suit your property search.
Depending on your budget and personal circumstances, popular Bristol neighbourhoods for property buyers include:
Close to the cultural hub of Stokes Croft and within easy walking distance of Bristol’s lively nightlife, Montpelier is popular among young professionals and/or first-time buyers. The neighbourhood includes some Grade II listed Georgian terraced houses which are considerably cheaper than similar properties located in the highly sought area of Clifton. Buying an auction property here could be the opportunity to pick up a bargain.
This area of Bristol is famous for its brightly painted houses and Paintworks, the creative/design hub of smaller businesses which also incorporates houses and flats. Apart from appealing to young urban professionals, Totterdown also attracts property buyers with young families. They are drawn to the neighbourhood because of the good reputation of its schools, the greenery of its parks and its friendly and safe atmosphere.
Located a mile from Bristol city centre and just south of Clifton, Hotwells has been undergoing a transformation after some of its buildings were allowed to fall into a state of disrepair. If you have auction financing in place and can budget for a renovation project, Hotswell is the place to search for houses sold at auction, particularly Georgian townhouses. For those after commercial properties, the development of the former dockside wharves at Poole’s Wharf make it an ideal place to set up a business.
St George (BS5)
Although average house prices in St George hover around the £240,000 mark, it is possible to pick up a property put up for auction here for 10-15% cheaper depending on interest from other bidders. This neighbourhood is a popular one for those just getting a foot on the property ladder and/or those with young families. They are attracted by the consistent quality of the 5 local schools and the convenience of St George’s Park, the venue for the summer music festival, Redfest.
St Pauls (BS2)
The St.Pauls neighbourhood of Bristol, famous for its annual carnival, is one of the most culturally diverse in the city. The condition of properties put up for auction can vary widely so it is crucial that all the structural checks are carried out. For this reason, prices in St Paul’s tend to be slightly lower than other central areas of Bristol and average at £200,000-£220,000
What Kind of Auction Property in Bristol Should You Look for?
Whether you are after residential, commercial or industrial property, you are sure to find a wide variety of auction properties in Bristol. Here are some of the most popular types of property to be put up for auction in and around Bristol.
There are a number of different architectural styles and home types in and near Bristol apart from Clifton’s Georgian townhouses. These include:
- Victorian terraces – especially in Bedminster and Westbury Park
- Victorian (detached) villas – popular but usually expensive at property auctions
- Rural properties – in nearby villages such as Failand, Leigh Woods and Henleaze
- Post-War semi-detached houses in Bristol (often former Council houses)
Commercial Properties For Auction in Bristol
Bristol is the perfect place to find commercial properties at auction. It is one of the few cities in the UK to have a thriving network of independent retailers supported by the local community. You will find plenty of commercial properties for sale, many of which are mixed use – usually with one or more flats above. This is a great opportunity if you are thinking of relocating to the city and need to find a home and business premises.
Buy-to-Let Properties in Bristol
Bristol offers many opportunities for anyone wishing to invest in rental properties and buy-to-let property opportunities. The four universities have an estimated 50,000 students while the proposed £300 million development of the Temple Quarter campus will increase student numbers by up to 30% when completed. If you plan to look for auction properties in Bristol for student rental purposes, popular off campus neighbourhoods include Westbury Park, St Andrew’s, Filton and Fishponds. Apart from student tenants, demand is also high for rental property among young professionals who have not purchased a house yet.
If you are planning buy rental property in Bristol, the City Council runs property licensing schemes. If your aim is to buy a large property in Bristol and convert it into a Class 4 HMO property, then planning permission might be needed. Before making the commitment to buy an auction property in Bristol, you should check the local by-laws and regulations carefully.
Useful Bristol Property Resources:
Bristol City Council property licencing scheme
Council tax information for Bristol
Visit Bristol – General information about the city of Bristol
Auction Properties in Bristol FAQ
How Can I Find Auction Properties in Bristol?
Browsing the websites of Bristol-based and national auction houses is the best way to discover residential, commercial and industrial properties at auction in Bristol and the surrounding area. These include the key information you need to know about each property while the property’s legal pack can be downloaded separately.
How Much Are Auction Properties in Bristol?
Prices range from £100,000 to over half a million pounds, but the average property price in Bristol is about £322,000. It is worth researching neighbourhoods and surveying the auction property before you decide to put in a bid as these factors greatly affect the property price.
Which Areas Are the Best to Find Auction Properties in Bristol?
For those who enjoy the hustle and bustle of living in a city, the best areas to buy an auction property in Bristol are Easton (BS5), Southville (BS3) and Redcliffe (BS1). If you prefer to live in quieter areas, there are many villages within easy commuting distance of Bristol such as Westbury-on-Trym (BS9) and Leigh Woods (BS8).
Can I Buy Repossessed Property at Auction in Bristol?
Yes, but there are very few available. Banks and building societies, for example, usually prefer to sell repossessed properties through an estate agent. The only time repossessed properties are put up for auction is because they have been problematic to sell in this way.
Five Good Reasons to Buy Auction Properties in Bristol
1. Quality of life in Bristol
In quality of life surveys carried out by such organisations as ‘The Sunday Times’ and BBC’s ‘Newsbeat’, Bristol consistently reaches a very high position because of how happy its residents are. When considering factors such as employment opportunities, house prices, school performance and the crime rate, Bristol is rated as a great place to live because of the quality of life its residents enjoy.
2. Size and character of the city of Bristol
Although Bristol is the 12th largest city in the UK with a population of nearly half a million, this is not the impression you get when you visit or live there. The way that it has grown means that the residential neighbourhoods around Bristol each have their own distinctive character. It is large enough to have all the facilities you would expect from a city but small enough to have a strong community spirit.
3. Bristol is in a great location
Bristol is the largest city in the area and is sometimes called the ‘Gateway to the South West’ because of the easy access to Devon and Cornwall. With excellent transport links by road or rail (from Bristol Temple Meads station), Cardiff and London are both easily accessible and a reason why some residents chose to live there but commute to their job. this is one of the main reasons auction properties in Bristol are so highly sought after.
4. Bristol is culturally diverse
Because of its former role as a bustling port, Bristol has long been one of the most culturally diverse cities outside the capital. Since 1968, the neighbourhood of St Pauls has organised an annual Afro Caribbean Festival. With a procession, floats, live music and ethnic food stalls, this annual festival is just one example of how the city celebrates cultural diversity.
5. Bristol has excellent shopping facilities
It could be said that many UK High Streets are becoming increasingly similar with the same chain stores and shops. Although Bristol has the facilities you would expect of a modern 21st century UK city such as shopping centres, it has also managed to preserve its distinctive and charming character. It boasts the longest stretch of independently owned shops in the UK which cater for individual tastes and offer personal service.
With just a little research about the neighbourhoods in Bristol and any planned urban renewal projects, it is possible to find a real bargain when searching for auction properties in Bristol and the surrounding area. Demand can put up the auction price so be aware of this during the bidding procedure. However much you want a property, it is important to know when to stop bidding against a rival. Bear in mind all the other auction expenses, such as fees to the auction house and stamp duty, as it is very easy to go over budget and to risk your purchase.