May Bath property update – traditionally the busiest section of the Spring market, with buyers looking to secure properties to move into over the summer holidays, but how has the Bath property market coped after the Easter holidays and with continued Brexit uncertainty? Well, from some of the figures below (notably selling times), the answer would appear to be “not bad at all”. Supply levels have risen slightly as would be expected at this time of year as gardens start to green up and look good. Time on market is improving significantly and selling times have dropped remarkably since last month.
From the coalface at Madison Oakley, we have seen steady weekly sales which continues our excellent start to the year. Many of our new instructions have elicited a swift take up of viewings and, in several recent cases, multiple offers resulting. Properties in the £250,000 – £350,000 range have performed particularly well, as have second step family homes up to £500,000. Truly affordable first time buyer properties remain in critically short supply thanks to nothing of consequence being built in this range for many years in Bath. The London market appears to have improved slightly in activity terms and we have seen a resulting increase in relocating families over the last fortnight.
Last week, we were asked for our opinion on a press release from a “quick sale” company suggesting the average transaction time in Bath was 17 weeks – our answer is below for info
We can only speak for BA1 and BA2 postcodes but our own market data would suggest a slightly different result. I note the fast sale company has analysed 157 sales across the BA1 & BA2 postcodes over a period of a year but, with an actual average of 164 sales per month (HM Land Registry data) in these areas, their sample size is only approx. 7.9% of all transactions.
The real answer in the city is that average transaction times have varied over the past year from 11 weeks to 19 weeks. This seems to be partly dependent on the agent dealing with the sale and partly on the nature of any chain. Agent pricing strategy can sometimes affect transaction times and it also seems that properties at the upper end of the local price range have taken longer to sell in recent years. Transaction times are also affected if sellers have trouble finding their next purchase, as well as a host of other outside factors.
However, the bulk of any transaction in terms of time will indeed be spent on conveyancing – it will often take upwards of 9 weeks for even no chain sales to progress from offer accepted to completion. If you add in a chain, this does complicate matters further. Unfortunately, without a root and branch rethink of the entire system involving solicitors, lenders, surveyors and agents, the latest advances in technology are unlikely to change timings to a drastic degree.
Selling your home is always a balancing act between time or money – there are options to liquidate assets swiftly but in my experience this always comes at a severe financial cost. A properly planned move that delivers the right result for the client is always likely to take several months from beginning to end.
You’ll find below our regular data summary across the most important market indicators, with comparisons in most cases to our April report.
Do let us know if you have any thoughts or questions for us.
Property data – May vs April 2019 – BA1 and BA2 postcodes
Figures in black – May 2019
Total property on market in Bath
Rightmove – 837 / 787
Zoopla – 801 / 814
OnTheMarket – 519 / 498
Home.co.uk – 844 / 812
New Instructions in last 14 days
Rightmove – 192 / 186
Zoopla – 123 / 118
OnTheMarket – search option not available
Home.co.uk – 112 / 107
Average Time on Market
Less than 1 month – 22.8% / 24%
Less than 2 months – 42.6% / 38%
More than 1 year – 7.9% / 6%
Selling Time in Bath (last 90 days)
Mean – 126 days / 150 days
Median – 70 days / 97 days
Properties for Sale in Bath by Price
Under 200k – 8.2% / 7%
200k to 300k – 17.7% / 18%
300k to 500k – 36.2% / 37%
500k+ – 37.2% / 38%
Mean Selling Times in Bath by price bracket
100 to 200k –101 days / 139 days
200 to 300k – 111 days / 116 days
300 to 400k – 128 days / 143 days
400 to 500k – 124 days / 115 days
500k to 1million – 148 days / 224 days
1million+ – 140 days / 178 days
Property on market by Type
Flats – 38.5% / 37.8%
Terraced – 25% / 23.2%
Semi-detached – 21/1% / 20.9%
Detached – 15.4% / 15.6%
Mean Selling Times in Bath by Type
Flats – 130 days
Terraced – 125 days
Semi-detached – 101 days
Detached – 154 days
Below Rightmove data sourced on 13th May 2019, covering New Instructions and Sales Agreed in BA1 & BA2