Bath property market – end January update

Whilst January may have been dry for some and snowy for others, we have experienced inordinate amounts of enquiries helped by a significant influx of new property. In fact, the handiest stat I have is that, out of 21 new properties on with Madison Oakley since the New Year festivities, we have already placed 12 (57%) under offer and most of those experienced multiple offers. With a nearby estate agent having sale rates of less than 22% for the same period, I think we can chalk January up as  a significant success for our clients as well as a justification of accurate pricing from our valuers.

January also saw the launch of a competing property portal – OnTheMarket.com – to fight against Rightmove & Zoopla. To be honest, we haven’t seen much change in customer attitudes or advertising as yet (the new portal only launched on the 26th of Jan) but OTM.com doesn’t currently feature a huge amount of property in Bath and only a small proportion of Bath agents are advertising on it so I doubt it will make a seismic difference beyond forcing its own agents to drop one of the other two.

As to our early thoughts on 2015 we are sure that, as always, local stock levels will remain absolutely key to price changes. Having been extremely short of property citywide for many months (if not years), January results prove yet again that there is more than ample demand from buyers for well priced new instructions. However, there has also been the usual New Year rush from certain agents to quote extremely high prices on valuation in order to convince owners to list with them and we may therefore see some properties stagnating on the market until owners realise how damaging this can be to their prospects.

Lettings wise, we are coming towards the tail end of our student accommodation season (with a record breaking number of lets already agreed for the 2015/16 year and also in double quick time). Any professional lets we have been instructed on in January have been swiftly let and we have a long waiting list of couples looking in the local area (especially circa £750pcm – £900pcm).

As always, some basic residential sales numbers below with comparisons to our previous topic article;

Total properties on the market in Bath

January – between 339 (Zoopla) and 436 (Home.co.uk) with Rightmove at 423

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

New instructions in the last fortnight

January – between 62 (Zoopla) and 112 (Rightmove)

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

Average time on market

less than 1 month = 28% (November score 20.7%)

less than 2 months = 36% (November score 40.1%)

more than 1 year = 4.8% (November score 0.05%)

Selling time in Bath (last 90 days)

Mean – 101 days (November score 87 days)

Median – 67 days (November score 59 days)

A selection of property STC in January via Madison Oakley
A selection of property STC in January via Madison Oakley