We forecast that the South West will see house price growth of 14.2% over the next five years, in line with the UK average, and well ahead of forecast growth in London. Growth will be slower than over the previous five years, due to uncertainty over Brexit and increasingly stretched affordability.

In the office markets, we anticipate that office rents will exceed £35/sq ft by the early 2020s. Savills views Bristol prime office yields at 5%, 25 basis points above that of Manchester and Birmingham, and 100 basis points above that of the City of London.