November Bath property market stats

There are a lot of myths about selling your property in the winter – I’ve heard everything from “people are too busy Christmas shopping to look at houses” to “the weather is bad which puts buyers off”. Yes, it is true that there are cycles of activity in the housing market and it is often the case that fewer buyers do look in the run up to Christmas but here’s the kicker – the buyers that are out there looking in the cold and the wet are there because they are deadly serious. If you combine this with the current state of the market in Bath, I think this boils down to an opportunity worth considering for potential sellers.

Pulteney Bridge

Over the last year, the Bath property market has been characterized by a major lack of supply. There are various reasons for this (which may include the lack of appropriate new property being built and the continued transfer of stock over to the private rental market) and the situation is (depending on your viewpoint) worsening as the year goes on. Every day at present we hear from buyers who have been looking for months with no success (or who have missed out repeatedly on homes due to competition).

The problem becomes a really thorny one if you’re both a seller and a buyer. Perhaps you’ve been holding off selling your own home because you can’t see anywhere you’d like to move to? Understandable but, if you do find the right house, will you have a chance against the inevitable competition from buyers with nothing to sell? Alternatively, if you do pluck up the courage to sell your home, will you have to go into rented accommodation or risk losing your buyer if you don’t find somewhere to move to? Lastly, if you have this issue, you’re probably not the only one so doesn’t this impasse make the whole supply problem worse on the whole?

There isn’t a magic solution to all of the above. However, this time of the year does bring the opportunity for motivated sellers to be matched with a host of very serious buyers with little else to look at and that is always a very good start.

Royal Crescent

As usual, just to confirm that the stats below were collected on 10/11/2015 from Rightmove, Zoopla, OnTheMarket and and are compared against my August figures (collated on 14/08/15) and April figures (20/04/15)

Total property on market in Bath

Rightmove – 308

(August 416, April 449)

Zoopla – 228

(August 272, April 271)

OnTheMarket – 126

(August 133, April 180) – 379

(August 423, April 455)

New Instructions in last 14days

Rightmove – 76

(August 120, April 109)

Zoopla – 35

(August 50, April 57)

OnTheMarket – search option not available – 48

(August 75, April 73)

Note: Rightmove continues to class a reduced property as a “New instruction” hence distortion of figures

Average Time on Market

Less than 1 month – 25.5%

(August 31%, April 32%)

Less than 2 months – 46.4%

(August 48%, April 48%)

More than 1 year – 0%

(August 6%, April 3.7%)

Selling Time in Bath (last 90days)

Mean – 66 days

(August 105 days, April 90days)

Median – 35 days

(August 63 days, April 36days)

Properties for Sale in Bath by Price

Under 200k – 8.4%

(August 11%, April 13%)

200k to 300k – 16.8%

(August 24%, April 21%)

300k to 500k – 33.5%

(August 29%, April 30%)

500k+ – 41.1%

(August 36%, April 36%)

According to the most recently published Land Registry House Price Index (28/10/15), the South West as a whole saw price rises of 0.3% for the month of September and 4.4% so far this year. The average house price in the region was £193,538.

Using specific data from the same report for BANES only, the monthly increase was 0.8%. That makes the annual figure currently 6.8% and the average BANES house price rose to £266,022.

St James Square