Struggling to see a pattern in the local market? I’ll let you into a secret – so are we! The property market in Bath usually follows clearly discernable seasonal trends in any year, with ebbs and flows as the days get longer or various holidays take precedence. However, this year (with political upheaval taking centre stage?), we’ve experienced a very different market in Bath.
So, what if any facts are we certain of?
Supply levels have continued to rise as the year has gone on and, as of the end of summer term, the number of properties on the market in Bath has reached its highest level over the last three years. We are admittedly still nowhere near the supply levels experienced pre 2007 but there is a bit more choice around.
The latest Land Registry figures show sales transaction volumes are down in both the BA1 and BA2 postcodes (by 20% and 6% respectively over the last six months vs the same period last year).
Selling time analysis would suggest the hottest price bands are £200,000 – £300,000 and also £400,000 – £500,000 but the upper end of the market is taking on average 25% longer to sell. The most popular type of home remains the terrace whereas flats are the longest stayers on the market.
Beyond the numbers, its noticeable how more and more “second step” owners are struggling to find the next property to move to. Finding a good sized home for a long term growing family has never been easy in Bath without a huge injection of cash. This causes a logjam in the lower end of the market with buyers in place keen to move but no end in the chain.
Affordable first time properties also remain in critically short supply, especially anything in the Help to Buy price range.
Lastly, I was interested to see (but not surprised with) the latest research on online agents (by ELAA-UK). This suggested that, on average, properties sold via online only agencies achieved prices of around 5% less than those sold via ‘high street’ agents.
Their report also shows that not only do sellers using traditional agents obtain more for their property but also have more viewings, more offers and more secure buyers. In the more volatile market we find ourselves in, it seems local expertise and knowledge really is worth more to sellers.