Bath property market update – January 2020

Looking at market data in January always gives us a bit of an issue – the festive season effect on the housing market tend to distort much of the stats from the last two or three months. With this in mind, I’ve started with some broader headline data from HM Land Reg and Zoopla but have then included the latest Bath figures in comparison to January 2019.

To say 2019 was an unusual year in the local housing market would be a bit of an understatement. Political uncertainty dampened demand for the first half of the year and, although the summer showed signs of recovery, the market never really got going before the late winter election.

However, the picture from ground level as we start 2020 is a very different one when looking at current market activity. It may be a “Boris Bounce” and general relief over some sort of Brexit resolution. Equally, this time of year generally sees the pent up buyer demand from winter lack of supply unleashed on early new instructions. Either way, we have seen a major spike in viewings, buyer registrations and indeed offers in the first fortnight of the year.

Four family homes we released on January 2nd have sold immediately, with all of them experiencing multiple offers and achieving in excess of asking price. This year, we have the prospect of cheaper interest rates on the horizon, promises of more housing tweaks in the next Budget and generally a more settled outlook. Initial reports from both buyers and sellers suggest they are happier to make decisions “this year”.

Extra note for prospective sellers;

Top ten 2019 days for maximum Rightmove property views

  1. Sunday 13th January
  2. Monday 21st January
  3. Sunday 27th January
  4. Wednesday 2nd January
  5. Monday 18th February
  6. Saturday 12th January
  7. Sunday 3rd February
  8. Sunday 24th April
  9. Wednesday 14th August
  10. Wednesday 6th February

 

Bath property market data for January 2020

Latest HM Land Registry data for BANES

  • Average price – £333,000 in November 2019 vs £335,000 in January 2019
  • % price change – 1.3% down in November 2019 vs 1.1% down in January 2019
  • Sales volume – 181 units in September 2019 vs 232 units in January 2019
  • 1471 sales recorded in 2019 vs 2079 sales in 2018 – 29.3% down year on year

Zoopla price data

  • Prices in Bath are down 1.12% in the last three months and a total of 1.37% down over the last year

January 2020 market data (with comparisons to January 2019)

– Full 2017 – 2020 spreadsheet available at 2017-20 Bath prop data

Total property on market in Bath

Rightmove – 632 vs 728

Zoopla – 564 vs 523

OnTheMarket – 437 vs 331

Home.co.uk – 649 vs 740

Total stock fallen by an average of 12% vs January 2019

 

New Instructions in last 14 days

Rightmove – 113 vs 136

Zoopla – 80 vs 62

OnTheMarket – search option not available

Home.co.uk – 39 vs 77

January

Average Time on Market

Less than 1 month – 12.4% vs 17.9%

Less than 2 months – 20.8% vs 30.4%

More than 1 year – 10.9% vs 7.2%

 

Selling Time in Bath (last 90 days)

Mean – 160days vs 130days

Median – 75days vs 74days

 

Properties for Sale in Bath by Price

Under 200k – 7% vs 7.2%

200k to 300k – 16.6% vs 19.3%

300k to 500k – 39.7% vs 35%

500k+ – 36.5% vs 38%

January

Mean Selling Times in Bath by price bracket

100 to 200k – 137days vs 156days

200 to 300k – 108days vs 99days

300 to 400k – 146days vs 119days

400 to 500k – 139days vs 126days

500k to 1million – no data vs 172days

1million+ – no data vs 157days

Mean selling times increased by between 29% (detached) and 12% (flats) over the last year. The average increase across all property types was 18%

 

Property on market by Type

Flats – 41.3% vs 40.3%

Terraced – 21.6% vs 24.2%

Semi-detached – 20.7% vs 20.7%

 Detached – 16.4% vs 14.4%

 

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January

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