October 2018 Bath property market data update – this months Bath property market report is a biggie, jam packed with the very latest autumn facts and figures. Whether you’re after “on market” data, actual transaction figures or agent performance, you should find a stat or two below to interest you. As always, we’ve left the interpretation mostly up to the reader but do give us a call or email if you need extra info or opinions on any particular points.
Autumn is in full swing with not too long to wait until the clocks change and Mandy is already working on her plans for a half term Halloween office window display. At Madison Oakley, we have been busy with a welcome rush of sales over the last fortnight putting a serious dent in our stock of available properties. However, this activity does not seem to span all price ranges and areas – we have noticed particular October demand within the city from first time buyers and families but the village market has slowed considerably. Investment properties have been performing extremely well, especially HMO going concerns and also small one bed flats as pension alternatives. Victorian terraces in Oldfield have continued to attract attention from locals and Londoners alike (we have noticed a particular upsurge in Londoners forsaking BA1 for perceived better value for money and rail access south of the river) whilst the larger family terraces/semis are in seriously short supply as always.
When out on October valuations, we are now seeing many clients wishing to do their homework now in preparation for New Year marketing – this is eminently sensible and will allow swift launching for the crucial early weeks of 2019 when competition will be at its traditional low point. Proper research now by owners will also ensure prices are evidence based, marketing strategies discussed and agents capabilities compared.
October 2018 “on market” data
(w October 2017 figures for comparison)
Total property on market in Bath
Rightmove – 883 (Oct 2017 – 633)
Zoopla – 616 (Oct 2017 – 470)
OnTheMarket – 339 (Oct 2017 – 157)
Home.co.uk – 875 (Oct 2017 – 673)
New Instructions in last 14 days
Rightmove – 201 (Oct 2017 – 151)
Zoopla – 86 (Oct 2017 – 63)
Home.co.uk – 89 (Oct 2017 – 79)
The Rightmove New Instructions figure is interesting particularly when viewed in concert with the Home score. Both sites cover all agents in the city but Rightmove, unlike other sites, classes a Price Reduction as a New Instruction whereas the Home figure is purely New to Market properties – we could infer from this that over 55% of Rightmove’s “new instructions” were in fact existing on market properties reduced in price?
Average Time on Market
Less than 1 month – 21.4% (Oct 2017 – 29.5%)
Less than 2 months – 36.1% (Oct 2017 – 48.2%)
More than 1 year – 8.3% (Oct 2017 – 4%)
Selling Time in Bath (last 90 days)
Mean – 100 days (Oct 2017 – 83 days)
Median – 61 days (Oct 2017 – 42 days)
Properties for Sale in Bath by Price
Under 200k – 6.7% (Oct 2017 – 6.5%)
200k to 300k – 18.4% (Oct 2017 – 16.6%)
300k to 500k – 37.4% (Oct 2017 – 37.4%)
500k+ – 37.3% (Oct 2017 – 39.3%)
Mean Selling Times in Bath by price bracket
100 to 200k – 71 days (Oct 2017 – 157 days)
200 to 300k – 79 days (Oct 2017 – 54 days)
300 to 400k – 87 days (Oct 2017 – 76 days)
400 to 500k – 106 days (Oct 2017 – 85 days)
500k to 1million – 129 days (Oct 2017 – 99 days)
1million+ – 178 days (Oct 2017 – 114 days)
Property on market by Type
Flats – 36.5% (Oct 2017 – 38%)
Terraced – 23.5% (Oct 2017 – 21%)
Semi-detached – 23% (Oct 2017 – 20%)
Detached – 17% (Oct 2017 – 16.9%)
- Drawing on Zoopla data, almost 40% of all currently available Bath properties have been reduced in price at least once.
- The average time on market for unsold property in Bath is 136 days
- The average asking price in Bath is £571,452
As a comparison against the “on market” data above, have a look at the below section from PROPDEX.co.uk – this shows the latest data for completed transactions released by HM Land Registry (in this case on 28th Sept 2018). The sales displayed are up to two months in arrears of the completion date (so you’re really looking at up to July results) but this is a much more comprehensive set of real sales data than you’ll see from the likes of Nationwide or Halifax reports
Here’s another clever set of stats from the folks at GetAgent.co.uk, who track actual performance data from estate agents to work out who sells the fastest and who gets the best prices.
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 newer 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.