Bath property market update – November 2014

December is only a week away and the Bath Christmas Market opens its doors this Thursday but November for us has been one of the busiest our partners have experienced in the last decade or two. Over the past fortnight, we have agreed at least a sale a day on average which is extremely welcome but unusual for this late in the season. This activity has been helped by a late surge of excellent new instructions (we are currently 3rd out of 80 estate agents in the city for new properties over the last month) but it certainly also shows that there are plenty of serious buyers unperturbed at dark evenings and chilly temperatures.

As regards any pattern to recent sales, the most popular properties have been within the city as opposed to more rural locations ( we do often see a faster slowdown in the villages if that makes sense!) but both residential and investment properties have been equally busy. One and two bedroom flats have been swiftly snapped up by investors (perhaps getting in ahead of next years pension rule changes?) and everything from 1930s semis to character terraces have gone to families from both within and without the city.

Although BANES local searches have been painfully slow over recent months, we have been informing clients at the outset of any sale. This has therefore not damaged our completions and we have moved 13 new owners in over the last 10 days to houses across all compass points in Bath. More to follow this week and next as many of our buyers are eager to confirm a pre Christmas moving day!

Numbers of valuations remain strong for the time of year, with an even mix of clients wishing to sell now or do their homework in preparation for New Year launch. We would always advise an early start to marketing in any year and our Do Not Disturb marketing package is a good step towards this!

Do Not Disturb

Lettings wise, we had entirely let out our portfolio for professionals by mid month and have acquired several late new instructions in this sphere which have attracted quick interest. We have also (Nov 17th) just launched our student accommodation portfolio for September 2015 occupation and have received record numbers of enquiries already!

As always, some basic residential sales numbers below with comparisons to the previous months;

 

Total properties on the market in Bath

November – between 483 (Rightmove) and 511 (Zoopla) with Home.co.uk at 501

October – between 557 and 594 depending on source data (Home.co.uk, Rightmove and Zoopla)

September – between 605 and 633

New instructions in the last fortnight

November – between 43 (Home.co.uk) and 101 (Rightmove)

October – between 61 ( Home.co.uk) and 140 (Rightmove)

September – between 83 (Home.co.uk), 107 (Zoopla) and 169 (Rightmove).

We note with interest the discrepancy in above figures involving Rightmove in particular. Rightmove seems to choose to include both price reductions and sales fallen through in its “recently added” category. Compared to Zoopla figures which are seemingly more accurate in this vein (54 in Nov), this would suggest a considerable number of reductions and aborted sales across the city in the recent past. 

Average time on market

less than 1 month = 20.7% (October score 26%, September score 26%, August score 24%)

less than 2 months = 40.1% (October score 43%, September score 44%, August score 46%)

more than 1 year = 0.05% (October score 4.6%, September score 2.4%)

Selling time in Bath (last 90 days)

Mean – 87 days

Median – 59 days

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