Colliers International says Knowle property prices are rising faster than anywhere else in the city.
Knowle could be on the verge of becoming Bristol’s next property hotspot, according to global real estate advisor Colliers International.
The potential impact of the proposed Orbital Ring Road, coupled with multi-million-pound plans to redevelop Broadwalk Shopping Centre, suggests there could be significant change on the horizon for the South Bristol district.
Colliers says Knowle could be considered by young professionals as the place to purchase property and could become the city’s next hotbed of regeneration.
Jo Edwards, head of the South West and Wales at Colliers International, said: “As the proposed ring road will not be going directly through Knowle, there is potential for people looking to purchase a property in South Bristol to see it as a more desirable location than Stockwood or Whitchurch.
“The proximity of the ring road, providing easier access to the city centre, will mean young professionals and first-time buyers who work in the heart of Bristol could see Knowle as a more affordable place to buy.
“There are already signs that Knowle is becoming a more desirable destination for buyers, as property prices there have increased faster than anywhere else in Bristol during the last year.
“According to the Office of National Statistics, the average home in the ward sold for £291,000 in the year to March 2019, up by 19 per cent on the average price for the previous year.”
Earlier this year, Bristol City Council approved plans for a £100 million redevelopment of the Broadwalk Shopping Centre in Knowle, which would provide 420 flats over 12 storeys. The existing multi-storey car park would be demolished and replaced by 11,500 sq ft of office, leisure, retail and community space.
While multi-million-pound investment in the area is welcome, Jo Edwards also issued a note of caution, as regeneration is not always welcomed by everyone.
“If property prices continue to rise at this rate, first-time buyers could find themselves priced out of their community and forced to look further outside the city to purchase a property,” she said.
“Regeneration often provides a boost to local amenities and the night-time economy as we’ve seen in places like North Street in Bedminster, however some residents might not have the disposable income in order to be able to enjoy the new bars, restaurants and other amenities.”