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
- Sunday 13th January
- Monday 21st January
- Sunday 27th January
- Wednesday 2nd January
- Monday 18th February
- Saturday 12th January
- Sunday 3rd February
- Sunday 24th April
- Wednesday 14th August
- 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
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%
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%
For more news and info from Madison Oakley, follow us on Facebook
