Bath property market update – June 2014

With half term over, we’re into the home straight for the summer hols and Bath property stats show exactly what we’ve been hearing from too many clients recently – there’s little on the market and what comes on at the right price tends to go again just as swiftly.

Looking back at our last 15 sales towards the end of May, over 78% of the properties received multiple bids. If you combine this with May’s new instruction figures for us (13 new properties brought to market under 800k, which puts Madison Oakley 3rd out of 70 agents in the city), you can see why its important to act swiftly and decisively if you’re looking to buy at the moment.

Lack of available property is also stalling lots of chains – already this week we have met with four sets of viewers who have agreed sales on their own homes several months ago but just can’t move forward.  It is crucial to find out what the owner you’re hoping to buy from is looking for before you submit an offer and try to agree a deadline on how long you’ll wait for them.

Some more stats below to add to the mix

 

Total properties on market in Bath for sale; between 542 and 557 (Rightmove, Zoopla and Home.co.uk figs)

New instructions in the last fortnight; 90 – 150 (Home.co.uk & Zoopla agree at 90 – 95, Rightmove says 150)

Average time on market ;

  • less than 1 month – 33%
  • less than 2 months – 51%
  • more than 1 year – 7.6%

Change in number of Bath properties for sale from May 2013 to May 2014; -35%

Total properties on market in Bath for rent; between 420 and 640 (Zoopla lowest, Rightmove at 549 and Home.co.uk highest)

New rental instructions in the last fortnight; 117 – 123 (Zoopla and Home.co.uk)

Average rental time on market; 83 days

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