Bristol property market 'is now poised for good times again'

The worst is over for Bristol's property market, an expert panel has declared.

More than 100 people attended a debate hosted by Andrews estate agents last night which saw a panel of leading figures from companies in the industry discuss issues including whether prices and demand had bottomed out.

And one expert tipped Bedminster as the next hotspot where prices could start to soar.

The panel included Michael Robson, chief executive of estate agents Andrews, Ned Cussen of property consultants King Sturge and Susan Ellis of Wards solicitors.

They were joined by professional landlord Phillippa Crowder, Andy Tilsley, regional manager of estate agents Nationwide and Richard Clarke, head of developers Urbis.

Questions submitted by email and Twitter were put to the experts at the event, held at Gloucestershire County Cricket Club.

While most of the panel believed the market was starting to pick up, dissenting voices warned it was not time to declare the slump over just yet.

Mr Clarke said: "I think the worst is over when you look in terms of regional figures.

"We will this week buy our first development site in 18 months and we feel confidence is coming back."

Asked if he believed things were looking up, Mr Robson told the panel: "I think the answer is definitely yes.

"In the first seven weeks of this year, visitors to our branches were up by 15 per cent. In terms of sales, they were up 25 per cent compared to the same time in 2009."

Ms Crowder, who has a portfolio of 14 properties mainly in Bristol, said: "It is all good news to my ears.

"The rental market is very buoyant at the moment."

But Nationwide's Andy Tilsley cautioned: "I don't think the slump is over.

"The market is driven by supply and demand.

"Most people know someone who's been affected by the recession.

"House prices are rising, but wages are either being cut or frozen – affordability and getting credit is still an issue."

Ms Ellis said: "Smaller law firms have suffered as there aren't as many completions as before."

The panel also heard questions from the floor. Peter Warren, 65, retired, of Coombe Dingle, asked what people should look for when it comes to property investment.

Mr Tilsley said: "The first question an investor should ask is "how quickly can I sell it?"

"A property such as a two or three-bedroomed terraced house will always sell."

Mr Cussen said: "When I started in this business, I was told there was two fundamentals – security and growth potential."

John Watt, 48, of Thornbury, who produces Home Information Packs, asked whether the panel thought the packs were worthwhile.

Mr Robson said: "I've never heard of anyone coming into any of our branches asking to see one."

The panel debated if first-time buyers could get on the ladder.

Mr Tilsley said: "Lenders have given out too much money in the past but you are slowly seeing things change.

"You used to need a 20 per cent or even 25 per cent deposit to get on the housing ladder – now it can be as low as 10 per cent."

The panel's chairman, broadcaster Dave Harvey, asked where the experts thought the next hotspots would be for buying property.

Mr Clarke said: "Bedminster – the whole area within the BS3 postcode."