With half term next week, its time for a recap on market trends in the Bath property market and we’ve had a superbly busy September and early October with a welcome rush of new instructions following the end of the summer holidays. These have, in the main, sold swiftly and we have continued to experience multi offer scenarios.
Supply levels have slipped backwards again in recent weeks which is expected at this time of the season but will come as no comfort to the many buyers still out looking. From our experience, there are particular areas of the market showing an acute lack of supply – these include sub 200k properties, 3 bed family homes in the £300k – 400k region and all kinds of HMO investments.
Current market statistics below in the usual format, compared with both my most recent report in September and also the height of the summer season (with some bonus market facts and advice on estate agents tagged on the end).
Total property on market in Bath
Rightmove – 500 (Sept 454 July 429)
Zoopla – 383 (Sept 342 July 342)
OnTheMarket – 172 (Sept 157 July 140)
Home.co.uk – 538 (Sept 511 July 473)
New Instructions in last 14 days
Rightmove – 134 (Sept 124 July 139)
Zoopla – 63 (Sept 93 July 66)
OnTheMarket – search option not available
Home.co.uk – 71 (Sept 80 July 84)
Note: Rightmove continues to class a reduced property as a “New instruction” hence distortion of figures
Average Time on Market
Less than 1 month – 26.3% (Sept 28.1% July 31.07%)
Less than 2 months – 45.3% (Sept 48.9% July 55.3%)
More than 1 year – 4.08% (Sept 4.3% July 3.3%)
Selling Time in Bath (last 90 days)
Mean – 76 days (Sept 74 days July 60 days)
Median – 42 days (Sept 35 days July 25 days)
Properties for Sale in Bath by Price
Under 200k – 4.08% (Sept 4.5% July 5.07%)
200k to 300k – 13.5% (Sept 13.1% July 15.8%)
300k to 500k – 32.5% (Sept 33.2% July 30.2%)
500k+ – 49.8% (Sept 49.2% July 48.8%)
Mean Selling Times in Bath by price bracket
100 to 200k – 39 days (Sept 41 days July 36 days)
200 to 300k – 56 days (Sept 54 days July 41 days)
300 to 400k – 92 days (Sept 73 days July 51 days)
400 to 500k – 74 days (Sept 67 days July 44 days)
500k to 1million – 87 days (Sept 112 days July 91 days)
1million+ – 67 days (Sept 78 days July 95 days)
Property on market by Type
Flats – 34% (Sept 28.1% July 34.9%)
Terraced – 24.7% (Sept 24.8% July 23.6%)
Semi-detached – 19.3% (Sept 22.1% July 21.8%)
Detached – 17.8% (Sept 19.5% July 19.7%)
Assorted #Bathpropertymarketfacts –
- According to Zoopla, 30.2% of properties currently for sale in Bath have had their price reduced at least once (116 out of 383)
- 1 bed properties are currently selling fastest (62 days on average), followed by 3 beds (72 days)
- In terms of property type, semis (54 days) are selling fastest with flats (89 days) the slowest type to sell
Assuming by now that we all know the standard mantra on how to pick an estate agent (always invite three to do a valuation, don’t always go for the one who quotes the highest asking price and haggle on commission), lets dig a little deeper into the murky waters to examine what you shouldn’t do as opposed to what you should when the time comes for you to pick. Here are some important DON’Ts which could feature in your decision making;
- Don’t assume the person who comes to value is likely to be the one doing the actual selling. Try a visit to their office and check out the operation to see exactly who you’ll be dealing with throughout the sale
- Don’t forget to check how the agents get paid – if they are not driven to earn money through commission on completion, they’re not going to be focusing every working hour on closing the deal.
- Don’t let yourself be flogged legal services or mortgages from “associated” companies.
- Don’t sign anything binding you to one agent for eternity.
- Don’t engage an agent who doesn’t open on Saturdays, expects you to host your own viewings or refuses to engage with new marketing techniques like social media.
- Don’t forget that, if you’re looking in the same area you live in, an excellent practical test of agent capabilities is your own buying experience on the viewings you go out on.