Housing in the Bristol area has now fully-flipped from a sellers to a buyers' market as the cost of living crisis bites, according to a property agent with offices in North Somerset and South Gloucestershire. 

Estate agent Andrew Simmonds says the hike in interest rates last Thursday to their highest level in 14 years raising mortgage payments, has already had a noticeable impact on the market. 

At Parker’s Estate Agents in Backwell, North Somerset and Country Property in Chipping Sodbury he is reporting that there are now more people trying to sell their homes than there are people actively trying to buy with sales now beginning to slow. 

Said Andrew Simmonds: “For a long time in the villages around Bristol houses have had a queue of potential buyers almost as soon as they go on to the market. Really good properties in the best locations were selling without really being fully marketed. 

“There were also many examples of people paying over the asking price in order to secure the property that they really wanted. In the last few months that has totally changed. 

“The rise in interest rates last week was well signalled so we have seen the market evolve in the last few months and weeks. But it has now totally flipped to a position where sellers will have to work harder if they want their home to sell in a reasonable time-scale. 

“All the indicators are that as a result house prices will fall. In some ways there has been too much heat in the market this year and this is a re-adjustment and as usual it will vary from location to location.” 

Mr Simmonds says the rental market is still strong in the area with a shortage of accommodation for the number of people looking for a place to live. 

He said: “The greater Bristol area has a major student population who take up a lot of the rental properties available. It is also an attractive area for relocation and in recent times many people found it easier to sell elsewhere and rent locally so they were in a position to move quickly for a house when it became available. 

“We are still finding a good level of enquiries for all rental properties and there is no sign at the moment of rental levels falling. With more people finding it tough to get a mortgage the rental sector will stay strong for landlords and difficult for those looking for the right accommodation.