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With its rich history and vibrant cultural scene, it’s no surprise that so many people are eager to make Bristol their home. If you are planning to move to the city or you are keen to learn more about Bristol’s rental market, you’re in the right place.

Bristol has an impressively diverse selection of neighbourhoods, each of which has its own personality, selection of amenities, and properties in different price ranges.

If you have a larger rental budget and enjoy spacious Georgian architecture, Clifton is a wonderful place to live and enjoys excellent transport links and access to beautiful green spaces. Bishopston is a family-friendly neighbourhood in Bristol, which offers an ideal balance between suburban and city living.

If you’re looking for more affordable rental options and want to explore the artistic scene that thrives within Bristol, the area of Stokes Croft has the vibrancy and amenities that will suit your lifestyle. Southville is positioned just to the south of Bristol’s city centre and is home to a good selection of restaurants, shops and cafes. Known for its boldly coloured terraced properties, rental prices are extremely competitive here for such a central part of the city.

While prices can vary depending on a range of different factors, such as the type of property you want to rent and your preferred areas, rental properties in Bristol range from £800 for a studio or one-bedroom apartment to £3,500 for a spacious four-bedroom detached property in one of the most prestigious areas of the city. According to a recent Rent Report, the average property in Bristol commands a rental price of more than £1,700pcm, with the median rent coming in at over £1,500pcm.

Top Tips For Navigating The Competitive Rental Market In Bristol

When the time comes to start navigating Bristol’s rental market, here are some of our top tips to help make your journey a little easier.

Leave Plenty of Time to Find Your Ideal Property

Bristol is an extremely popular place to live, which means that the rental market is fast-paced, and properties can be snapped up in a matter of hours. By beginning your search as early as possible, you can mitigate some of the stress involved in the moving process and secure a rental property that meets your needs.

Be Persistent

There have been many stories about people inquiring about upwards of 50 properties, only to secure just a handful of viewings and ultimately miss out to other applicants. So, a level of persistence may be required to find the right property for you.

It’s worth noting that research suggests that up to a quarter of current landlords intend to sell one or more of their properties by the summer of 2024 as increasingly expensive mortgages continue to take a toll on finances. If this does come to pass, it could impact the rental market across Bristol significantly, and we might see the competition for rental properties across the city increase further. While this isn’t something to panic about, it is important to be aware of the changeable nature of the property market, particularly in times of financial uncertainty.

Remember to Negotiate

Yes, the property marketing in Bristol is competitive, but this doesn’t mean that there isn’t room to negotiate. If you think that a property is being offered at too high a price or if you’ve noticed potential problems, you are well within your rights to provide a counteroffer to the agent or landlord.

Be Flexible

While it is beneficial to have a list of features you would like in your ideal rental property, it is also important to have an open mind and maintain a certain level of flexibility. After all, your dream rental might look very different in reality to how you thought it might on paper.

How Will The Renters Reform Bill Impact Bristol’s Rental Market?

It’s also worth highlighting that although the long talked about Renters Reform Bill has been moving through legal processes for some time, it looks set to finally become legislation in 2024. In terms of what this means for the rental sector in Bristol, let’s just say that there aren’t likely to be any significant changes any time soon.

The Conservative Party made an election promise to abolish section 21s, which allows all landlords to evict tenants on a ‘no fault’ basis for a number of different reasons. This forms a key part of the Renters Reform Bill; however, section 21 will remain available to landlords for some time to come.

Other elements of the bill that are designed to positively impact renters in Bristol include the abolition of fixed-term tenancies, with all tenants having the ability to vacate a property after giving a notice period of two months. The government has no plans to implement rent controls, however steps are being taken to prevent increased rents being used as a way to evict tenants.

How To Use Online Resources And Estate Agents In Your Property Search

One of the advantages of living in a digital age is that there are numerous online resources and tools that you can use to find your perfect rental. It is wise to use a range of tools when navigating a property market that is as large as Bristol’s, as this will ensure you aren’t missing out on any great opportunities.In addition to utilising online tools it’s also worth reaching out to professional agents, such as Hopewell, who have plenty of local knowledge and the skills to help you to find the right property in the right part of the city.

Are you eager to get on the property ladder but don’t know where to start? Buying a house is a big deal, so it’s understandable to feel overwhelmed and uncertain when it comes to taking out a mortgage. This guide will take you through the steps you need to take to become a homeowner.

What is a Mortgage?

Let’s start with the basics: a mortgage is a loan that you take out in order to buy a property. Most people don’t have the whole amount required to buy a home sitting in the bank, so they need to borrow it. You pay a deposit on a property, which is usually 10% of the asking price but can be less, and then apply to a mortgage lender, usually a bank or building society, for the rest.

How is a Mortgage Repaid?

Your mortgage loan is paid off on a monthly basis. The mortgage lender calculates an appropriate amount for you to pay off each month, which will include the interest they charge you on the loan. Most mortgages have a repayment term of around 25 years, but they are also available for shorter or longer periods of time, and can be adjusted at a later date if you wish. The total amount of the mortgage, plus the interest, is divided over the years you will take to pay it, and then into monthly amounts.

What Mortgage Can I Afford?

Mortgage lenders are taking a big chance on you, and they want to be as certain as possible that you can repay the money they have lent you. This is why they do mortgage affordability tests. Whilst 10% is usually the minimum for a deposit, there are some mortgages that will accept 5%. You also only need a 5% deposit if you are using the government’s Help To Buy scheme. However, having a deposit over 10% of the price of the property you wish to buy puts you in a better position, as lenders have to give you less, which means it will be quicker and easier to pay back.

When it comes to how much mortgage lenders are prepared to give you, they tend to work by the 4.5 rule, meaning they will only lend 4.5 times your annual income. If you are buying as a couple and your combined earnings is £60,000 a year, you can apply for a mortgage of £270,000. A deposit of 10% of this figure would be £27,000, which means the properties you could consider buying would be priced around £297,000. Mortgage lenders look at all of your regular outgoings, such as household bills, loan repayments and credit card debt to make sure you have enough left to cover mortgage repayments. They will also perform a credit check with a credit reference agency to take a look at your financial history and see how much of a risk lending to you might be. Before applying you should check your credit score yourself and take steps to improve it if necessary.

How to Find the Right Mortgage Deal For You

There are hundreds of mortgage options out there, so, as well as doing your own research, it’s a good idea to ask an expert. An expert mortgage advisor will know about the best deals available on the market and be able to give advice on what would work best for you. As specialists, they usually have access to better deals than those publicly available on comparison sites. Mortgage brokers are usually paid on commission from your lender, but they may charge a fee as well, so be sure to check.

The Mortgage Application

The actual mortgage application itself is a fairly straightforward process. You may do this in person with your mortgage lender, but increasingly this step is done online. You’ll need to have proof of identity, so a driver’s licence or passport, as well as a utility bill, will be necessary. You will also need to show your annual income, which usually means a P60 from your employer, your last three months of payslips and bank statements for the previous six months. If you are self-employed you need to provide your three previous SA302 tax returns. When you have filled in the application and sent it to the lender with the relevant documents, the lenders will perform the credit check and review the information to decide on what they will lend you.

In recent years it has become increasingly important to get a mortgage in principle before you even begin to look at properties. This is a written indication from a mortgage lender stating how much it might be prepared to lend you. Whilst not compulsory, it can be useful to have when house hunting – especially for a first home – as it demonstrates to the estate agent that you’re a serious buyer. It puts you in a firm position to make an offer and could make the difference between a seller choosing you instead of someone without one.

The Cost of Buying

It’s vital to remember that along with the cost of the actual house comes the cost incurred whilst purchasing the house. Fees tend to be steep and can make a real dent in the amount you have saved for your deposit. Mortgage arrangement fees (usually around £2,000) are typically added to your mortgage amount, but you will have to pay upfront for your mortgage broker fee, valuation and survey fees, solicitor’s fee, stamp duty (if applicable) and moving costs. It all adds up so make sure you have set enough money aside to cover it.

Conclusion

The deal you get will depend on your income, the size of the property and, crucially, the size of your deposit, so make sure you have plenty saved up first. As long as you have the necessary documents and information in order, it should be a fairly smooth and straightforward process. Though it initially seems overwhelming, with good research and good advice, taking out a mortgage won’t be as complicated as you expect.

The Help to Buy scheme is a government initiative designed to help first time buyers get on the property ladder without having a large deposit. There are various different schemes under the UK government’s Help to Buy umbrella, which are aimed at different people depending on their circumstances. We’ll take a closer look at all of them in this guide.

Help to Buy Equity Loan (England)

The Help to Buy Equity Loan scheme is only applicable in England and can only be used to purchase new build homes, which can be worth up to £600,000. The scheme works like this:

Step 1: The purchaser needs to have a deposit of 5% of the overall cost of the property.

Step 2: The government lends the purchaser up to 20% of the property’s value as an equity loan.

Step 3: The purchaser takes out a mortgage on the rest of property’s value. This means that if you have a 5% deposit and your equity loan was 20%, you’d take out a mortgage of 75%.

For the first five years after you’ve taken out the loan, it is interest free and all you have to pay is a £1 monthly management fee by direct debit. From year six onwards you continue to pay the monthly management fee and begin paying a monthly interest fee of 1.75% of the equity loan. The interest fee rises in April each year by the Retail Price Index (RPI) plus 1% until you repay your loan.

The current scheme for homes under the current scheme to be finished in order to comply with the current scheme was 31 December 2020, but due to the coronavirus pandemic, this deadline will be moved to 28 February 2021. Applicants should be aware that the deadline for legal completion of the sale remains the same – March 2021.

London Help to Buy Equity Loan

The Help to Buy Equity Loan for people living in London works the same as for those in the rest of the country, but they are able to borrow 40% of the property price from the government instead of 20%. This is designed to reflect the hugely expensive property prices in London and means people living in the area can buy a property with just 55% loan-to-value.

Help to Buy Scotland

Scotland Wales operate their own Help to Buy schemes, which are similar to England’s offering. Northern Ireland does not currently have a similar scheme in operation.

The Help to Buy (Scotland) Affordable New Build scheme requires that you have a deposit of 5% and that your deposit and mortgage must cover a combined minimum of 85% of the purchase price. The Scottish Government then takes a stake of 15% of the purchase price and holds security over this proportion until you own your home outright or decide to sell. You can also repay the government to increase your share of the equity in increments of 5% each time. The maximum value of the property you can purchase is £200,000 and must be used as your main residence, so you can’t use the scheme to purchase a buy-to-let investment.

Help to Buy Shared Ownership

The Help to Buy Shared Ownership scheme offers the chance to buy a share of a property, usually between 25% and 75% of the value. You then pay rent on the remaining share, and can buy bigger shares in the property as and when you can afford it. A housing association owns the remaining share of the property. There are rules on who can buy a home through Help to Buy Shared Ownership schemes:

• Your household must earn £80,000 a year or less outside London, or earn £90,000 a year or less in London.
• You are a first time buyer, you used to own a home but can’t afford to buy a new one, or an existing shared owner wishing to move.

People with Disabilities

If you have a disability you can apply for the Home Ownership for People with Long-Term Disabilities scheme (HOLD). This is for people who can’t find homes that meet their needs available through other home ownership schemes, for example properties that are on the ground floor.

Elderly People

If you’re aged 55 or over you can apply for help from the Older People’s Shared Ownership scheme. It works exactly the same as the general Shared Ownership scheme, but you can only buy up to 75% of a home. However, once you own the 75% you don’t have to pay rent on the remaining share.

Help to Buy ISA

The Help to Buy ISA is a tax-free saving account specifically aimed at people saving to buy their first home. For every £200 put into the ISA, the government adds an extra £50, up to a maximum bonus of £3,000. This is paid to your solicitor when your first property purchase completes.

Help to Buy ISA closed to new applicants in November 2019, but people who have existing accounts can continue to save until December 2030. They will still receive the 25% bonus when completing their purchase.

New Home Owners and Coronavirus

Though the coronavirus pandemic has made buying a new home tricker in some respects, for example due to a lack of mortgage availability, in others it has made it easier. The stamp duty threshold has been raised from £300,000 to £500,000. This has contributed to a mini boom in the property market, with property website Rightmove finding that July 2020 was the busiest month for home buying since they started tracking data ten years ago. Raising the stamp duty threshold will mainly be of benefit for people purchasing in places where property is most expensive, for example London and the South East.

There are plenty of schemes available to help you get a foot on the property ladder or make a move into a new home. They vary depending on the area you live in, and take into account the huge differences in property prices found around the country. Though the housing market is currently volatile due to Covid-19, the schemes are still available to help make your house purchase much more available.