December 2012 in the Bath property market was a fine month for sales, at least for us. Going into 2013, we are hoping stocks can be replenished swiftly as the demand from buyers has been constant (even over the holiday period). However, sitting in the office on our first day back, I took a quick look at overall supply levels across the city and was shocked at the lack of available property. I’ve worked in the Bath property industry for a decade or two, but I’ve rarely seen so few homes available so I thought a quick trip back into the archives would be worthwhile to see if I was imagining things;
Total amount of available property in Bath (via home.co.uk)
- Dec 2007 – 1146
- Dec 2008 – 1007 = 12% down from 2007
- Dec 2009 – 780 = 23% down from 2008
- Dec 2010 – 872 = 12% up from 2009
- Dec 2011 – 728 = 17% down from 2010
- Dec 2012 – 635 = 13% down from 2011
Now, I’m sure some agents deliberately remove properties from the market for Christmas (which is why I’ve used December figures above rather than January figures), I know that pending Article 4 legislation is fuelling demand in certain parts of the city and I could suggest that the stratospheric rise in local rents over the last few years has kept many homes off the sales market but, even accounting for these factors, the drop in supply levels is surprising. I also cross checked the home.co.uk figures against Zoopla (540 homes currently available) and Rightmove (576 homes currently available).
So, what does this mean for buyers and sellers in early 2013? From experience, I suspect any seller early to market will benefit hugely from pent up demand and may well experience multiple bids, whereas any motivated buyer would do well to secure a home swiftly if it meets their requirements.
For more advice on property in Bath, visit our main website at www.madisonoakley.co.uk or follow us on Twitter (Madison_Oakley)