Bath property market update - April 2019

April Bath property market update – after a gloriously sunny week to end March, we’re into the heart of the spring property season and the run up to the Easter holidays. Are you wondering what’s new in the Bath property market? Is the continued uncertainty around Brexit affecting us?

National headlines have been a bit mixed over the past week, with Nationwide reporting a 0.7% growth in UK prices in March (but values in England down by the same figure in the first three months of 2019 vs the same period last year) and Zoopla showing a 2.8% increase in their 12 month figures to end Feb.

At Madison Oakley, we have seen an incredibly strong start to the year with record levels of sales (in fact, we appear to currently be the top estate agent in the whole of Bath for numbers of sales agreed in 2019, which can’t be bad for a little independent).

Viewing numbers are actually down on last year but the quality remains in play. Properties are coming to the market in reasonable numbers, although they are mainly owners who “need” to move rather than those relocating for preferences. Transaction times remain around 9 – 12 weeks from offer accepted to completion.

As with our previous monthly market updates, you’ll find below our regular data summary across seven key property indicators. However, this month, we have been joined by Fabian Hanslik for work experience and his (considerably better than ours) IT skills have created six easy to absorb graphs showing our collected Bath data over the last two years.

From Fabian’s graphs, we’ve picked out some headline points you might want to check out;

Supply levels rising but still below mid 2018 figures
Time on market increasing from a 2 year low point
Selling time significantly up & at highest level for 2 years
No major shifts in stock types available, although an interesting blip around July last year

However, have a look at the data below for yourself and do let us know if you have any thoughts or questions for us.

Please note re below data summary. Figures in black – April 2019. Figures in red – April 2018

Total property on market in Bath

Rightmove – 787 (824)

Zoopla – 814 (816)

OnTheMarket – 498 (207)

Home.co.uk – 812 (783)

New Instructions in last 14 days

Rightmove – 186 (176)

Zoopla – 118 (136)

OnTheMarket – search option not available

Home.co.uk – 107 (83)

Average Time on Market

Less than 1 month – 24% (26.2%)

Less than 2 months – 38% (46.7%)

More than 1 year – 6% (5.2%)

Selling Time in Bath (last 90 days)

Mean – 150 days (110 days)

Median – 97 days (50 days)

Properties for Sale in Bath by Price

Under 200k – 7% (6.76%)

200k to 300k – 18% (19.2%)

300k to 500k – 37% (37.4%)

500k+ – 38% (38.7%)

Mean Selling Times in Bath by price bracket

100 to 200k –139 days (47 days)

200 to 300k – 116 days (73 days)

300 to 400k – 143 days (95 days)

400 to 500k – 115 days (112 days)

500k to 1million – 224 days (146 days)

1million+ – 178 days (215 days)

Property on market by Type

Flats – 37.8% (36.5%)

Terraced – 23.2% (22.5%)

Semi-detached – 20.9% (23.1%)

Detached – 15.6% (14.7%)

#Bathpropertyfacts

Rightmove sales data shows 155 sales were agreed across all estate agents in the BA1 and BA2 postcodes between March 1^st and April 1^st There were 166 sales agreed in the previous month.
Of the circa 787 properties currently on the market in Bath, 22.6% are new homes and/or retirement properties.
9% of Bath properties currently advertised on Zoopla for sale have been reduced in price at least once.

Bonus info just added (04/04/19) – latest Land Registry figures are now in via Propdex;