The annual salary to buy a home in Bristol is just shy of £65,000 per year, according to a leading property website. Data from the House Price Index (January 2025), published by Zoopla, shows that the average house price in Bristol is nearly £30,000 higher than the average house price across the South West.
The House Price Index has revealed that the average house price in Bristol is £341,800. This means that the annual income which is required to buy a house in the city is £64,560.
Across the south west of England, the average house price is £314,000, which is an increase of £3,700 (or a 1.2 per cent increase) throughout 2024. Therefore, a house in Bristol is on average £27,800 more expensive than the rest of the region.
According to Zoopla, the housing market across the UK has started strong in the first month of 2025 as some buyers attempt to avoid paying a higher stamp duty, which comes into effect in April. There was 12 per cent more sales agreed when compared to 2024, more homes on sale than a year ago (up by 10 per cent) and more demand for homes than this point last year.
The annual rate of house price inflation across the UK is at two per cent, higher than the south west’s 1.2 per cent. The average house price in the UK is £267,700, £74,100 less than in Bristol.
The autumn Budget confirmed that temporary reliefs from stamp duty will end in April 2025 in England and Northern Ireland, as a result, first-time buyer (FTB) demand jumped by over a third in November and December in the price bands where stamp duty for FTB will increase the most from April 2025, between £300,000 and £625,000. Over a fifth of renters want to now buy a home having seen the cost of renting rise rapidly over the last two years.
Richard Donnell, Executive Director at Zoopla comments: “The first few weeks of each year tend to provide a clear indication of how the rest of the year is likely to unfold. 2025 has started well, better than 2024 and 2023, which bodes well for market activity over the rest of the year, supported by evidence of more people looking to move.
“It is important not to read too much into the increase in stamp duty for more buyers from April as three in five first-time buyers will still pay nothing from April. The extra costs to homeowners remain manageable and unlikely to reduce sales but they will keep price rises in check.
“The healthy stock of homes for sale will keep price rises in check and we are forecasting average UK house prices will rise by 2.5 per cent in 2025 with five per cent more sales than last year at 1.15m. Rising incomes and base rate cuts will improve affordability and support consumer sentiment.”
Malcolm Prescott, Managing Director of Webbers Estate Agents, added: “January has started very positively here in the South West, with an abundance of new listings and sales to match. In particular, we have seen keen interest in our new homes developments in North Devon and Cornwall, with green credentials, outside space and “choice” still high on the agenda from our broad range of buyers.”