November 2018 market update – Halloween is over, the clocks have gone back, half term is in full swing and fireworks displays kick off around the city this weekend. It must be time for our monthly run down of the important facts and figures around the Bath property market. This month, we’ve included our usual comprehensive set of figures for November but have also added six headline stats drawn from these figures or other research.
Late October activity in general has been muted but the lower level of footfall has been counteracted from our point of view by a significant increase in quality amongst viewings. The first half term weekend in particular was extremely strong for sales. On the supply side, many of the valuations we are conducting at present are 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.
Six November stats
- Average asking prices in Bath over the last year across all types of property = 0%. Apartment asking prices in the same period have fallen by 9%.
- Average time on market duration in Bath over the last year across all types of property = 30% longer. Apartment time on market durations in the same period have increased by 49%.
- 13.3% of Bath properties listed as available are newly built homes. Of the properties marketed in the last fortnight, 14.4% were new homes. Out of 544 Bath properties currently listed as SSTC, only 3.8% are new homes.
- The volume of Bath properties listed on OnTheMarket has increased by almost 60% in the last year.
- According to Zoopla, 38.6% of currently available properties have been reduced in price at least once.
- The fastest property type to sell is a semi-detached home (79 days on average) followed by terraced & flats (96 days and 98 days respectively). A detached home takes, on average, 129 days to sell
Total property on market in Bath – November 2018
Rightmove – 881
Zoopla – 634
OnTheMarket – 376
Home.co.uk – 906
New Instructions in last 14 days – 18th October to 1st November
Rightmove – 207
Zoopla – 89
Home.co.uk – 109
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 52% of Rightmove’s “new instructions” were in fact existing on market properties reduced in price?
Average Time on Market
Less than 1 month – 23.6%
Less than 2 months – 39.8%
More than 1 year – 8.6%
Selling Time in Bath (last 90 days)
Mean – 97 days
Median – 61 days
Properties for Sale in Bath by Price
Under 200k – 7.3%
200k to 300k – 17.5%
300k to 500k – 36.2%
500k+ – 38.8%
Mean Selling Times in Bath by price bracket
100 to 200k – 83 days
200 to 300k – 77 days
300 to 400k – 80 days
400 to 500k – 106 days
500k to 1million – 123 days
1million+ – 194 days
Property on market by Type
Flats – 36.2%
Terraced – 25%
Semi-detached – 22.5%
Detached – 16.3%
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.