Bath property market update – August 2015

Quiet for the holidays? Far from it! Although a goodly proportion of clients are away on the beach, there’s plenty of activity from those who remain. At our Moorland Rd & George St offices, we’ve seen lots of offers coming in over the last fortnight and a steady stream of new instructions – most of which have received swift interest from buyers frustrated by lack of choice over preceding months. This lack of supply has characterised the Bath property market for many moons now and there seems no end in sight from the figures below.

I’ve also been tracking new instructions, price reductions, sales falling through and completions over the last 6 months via Zoopla and there are some very interesting comparisons to be made – for example, half of all price reductions in the city over that last 6 months were made by only five agents. Four out of these five agents also appear in the top 5 for most sales fallen through.

 

As usual, I’ve compared these August figures (collated on 14/08/15) with my last report (April 20th 2015)

Total property on market in Bath

Rightmove – 416 (April 449)

Zoopla – 272 (April 271)

OnTheMarket – 133 (April 180)

Home.co.uk – 423 (April 455)

New Instructions in last 14days

Rightmove – 120 (April 109)

Zoopla – 50 (April 57)

OnTheMarket – search option not available although last 7 day search says 10

Home.co.uk – 75 (April 73)

Note: Rightmove classes a reduced property as a “New instruction” hence distortion of figures

Average Time on Market

Less than 1 month – 31% (April 32%)

Less than 2 months – 48% (April 48%)

More than 1 year – 6% (April 3.7%)

Selling Time in Bath (last 90days)

Mean – 105 days (April 90days)

Median – 63 days (April 36days)

Properties for Sale in Bath by Price

Under 200k – 11% (April 13%)

200k to 300k – 24% (April 21%)

300k to 500k – 29% (April 30%)

500k+ – 36% (April 36%)

 August completions