£1m+ houses still selling well in city hotspots
TWELVE houses worth more than £1 million have sold in Bristol during 2012, showing that the top end of the property market is far from stagnant in the city.
Ten of the dozen houses have been in the BS8 and BS9 postcodes around Clifton, Sneyd Park, Stoke Bishop and Westbury.
For example, £1,725,000 was paid in January for a house in Mariners Drive, Stoke Bishop, and a house in Ivywell Road, just off The Downs, sold for £1,450,000 in February. In April, a property at Grange Park, Westbury-on-Trym, went for £1,085,000.
At the moment, of the 4,000 or so properties for sale in the city, 50 are priced over £1m.
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These include an eight-bedroom house in Church Road, Abbots Leigh for an asking price of £3,500,000, a new house with five bedrooms for £2,950,000 in Valley Road, Leigh Woods, and perhaps one of Clifton's finest houses, Deerhurst Priory, a seven-bedroom house for £2,850,000 in Downside Road.
Slightly further down the scale is another new-build property, one of six in Overton Court, Bracken Hill, Leigh Woods, which has a guide price of £1,375,000 (pictured).
Abby Pugh, Colliers International Head of Valuation in Bristol, said: "Although some reports indicate that the average house prices across the city have fallen slightly, we are finding that high value properties are still very much in demand.
"The 12 properties sold during this year have achieved an average price of £1.3 million and that is quite significant for a city area.
"Unlike other big cities, Bristol has areas like Clifton and Sneyd Park close to the city centre and the prices reflect the fact that you can live close to all the amenities of a big city but in a substantial house with good gardens and a pleasant area."
The Colliers team say that their research has shown that while there still remains a gap between the asking price and selling price for properties, this is holding steady at between 90 and 95 per cent on higher value properties.
According to Home.co.uk, average prices for detached houses in Bristol have risen by eight per cent between May 2011 and May 2012.
Over the same period there have been smaller increases of two per cent and one cent on average prices for semis and flats, with the cost of terraced homes falling slightly by one per cent. Overall, average house prices in Bristol over the period have held steady.