Bath property market – end August 2014

Activity has spiked upwards sharply following most families returning from summer sojourns, with viewings and calls increasing noticeably from Tues 26th onwards. We have also seen sales agreed and offers so far this week on several homes listed in August which had hitherto received only a small amount of interest. This comes as no surprise to us old hands – Bath has always been a market with a very seasonal mentality.

New instructions have also increased markedly since last week and we have been delighted to note we are 3rd in the city out of 70 agents for new properties brought to the market over the last month under 800k (keeping our placing since our last report in June) – not bad for a small independent given the large amount of competition in Bath!

Sadly for house buyers, the supply level is still the overriding issue in Bath. Although stock has risen slightly (see below figs), we are still massively below average supply levels over the last 10yrs, with little prospect of many new homes being built that the average consumer can afford.

Our view remains that well priced property is selling swiftly and there are plenty of buyers out there. We would estimate about 9 weeks of good selling time left in the year so act now if you want to be done and dusted by Christmas!

Total properties on market in Bath – between 597 and 621 depending on whether you believe, Rightmove or Zoopla

New instructions in the last fortnight – 73 (all agents, all price ranges)

Average time on market – less than 1 month = 24%, less than 2 months = 46%, more than 1 year = 5.7%

Trends over last 3 months;

Number of properties on market = 9% up

Average time on market = 14% up

May total new instructions vs August total new instructions = 50% down

August completions via Madison Oakley;

August completions

City centre