Bristol is one of the most expensive cities in the UK

Bristol has been found to be one of the most expensive cities to live in the UK, according to some new research. The recent study by CIA Landlord Insurance compared monthly salaries with monthly rental places and the cost of living.

It found London is the most expensive city to live in the UK, with the average cost of renting a three-bedroom apartment inside the city center being at £3,413 – higher than the average monthly salary of £3,196. The firm found the average cost of living per month in London to be £854, meaning Londoners would need an extra £1,071 to be able to afford that property.

Birmingham came second and it was followed by Bristol. The study found the average salary in Bristol is £2,186, while the average cost of renting a three-bedroom apartment inside the city center is £1,661. The research found the average cost of living per month in Bristol is £682, meaning people in Bristol would need an extra £157 to be able to afford both.

Read more: Bristol mortgage expert predicts house prices will plummet this year

Bristol was followed by Manchester and Leeds in the CIA research. Derby and Coventry were found to be the most financially viable cities to live in the UK, followed by Stoke-on-Trent, Glasgow and Cardiff.

Richard Wayman, finance director at CIA Landlord Insurance said: “Bristol is quickly becoming a popular city where many people are relocating too.

“With student populations and corporate workers also returning post covid, the city’s housing demand is above the current supply- this has resulted in higher rental costs. With the cost of living also increasing, further financial pressures have been placed upon Bristol city residents.

“Both these factors have collectively caused the city to quickly become one of the UK’s most expensive to live in.”

Earlier this week, a Bristol mortgage expert predicted house prices will fall by around five per cent this year and possibly more next year, despite recent surges in the south west. Halifax’s house price index showed this region’s property prices increased by 14.5 per cent in the year ending May 2022.

The south west’s annual property price is now £305,173, after experiencing the second-highest rate of growth for any region of the UK. The average UK property rose in value by 10.5 per cent in the last year.

New research has also found that four of the ten places in Britain that have seen the biggest increase in house prices in the last ten years are in Bristol. The research reveals that the price of a house has effectively doubled – or gone up by around 100 per cent – in the ten years since 2012 in many parts of Bristol.

In Brislington, the average asking price of a house leapt from £166,192 back in 2012 to £338,800 now – an increase of 104 per cent. The other Bristol locations weren’t far behind either.

St George saw prices almost exactly double – from £146,344 to £293,269. Patchway saw prices almost double, up 98 per cent from £153,472 in 2012 to £304,606 now, while Bedminster also saw a 98 per cent increase from £186,846 in 2012 to £369,328 now.

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