Bath property market update – Nov 2020. A note of caution before we delve into the latest statistics – this isn’t a typical November by any stretch! What a rollercoaster of a year we’ve had thanks to Covid. Three months of strong trading up to March then two months of almost complete silence. The market returned with a real bang in May and continued at a frenetic pace. The announcement of the Stamp Duty holiday, combined with an increase in movements out of the big cities created a huge spike in demand. However, now we’re right in the middle of Lockdown 2 and, although the property industry is open, activity is down again. Should we expect a busier than normal December as a result? Time is ticking down to the SDLT holiday deadline (end of March 2021) but thanks to the recent increase in sales in the pipeline, solicitors, lenders and surveyors are busier than ever.
So, on to the latest stats. Please find below a selection of the latest headlines together with our usual collection of data. We have added comparison figures mostly from our November 2019 update although any comparison between a “normal” year and 2020 is a bit dangerous!
Property headlines
Asking prices are down 6 – 9% on average this Nov vs Nov 2019. However, selling prices are 6% up on average based on the latest Land Registry results (Aug 2020 vs Aug 2019)
Supply levels are up 9% this year vs Nov 2019.
There are 38% more apartments currently on the market compared to last year. This is likely to be linked to the fact that apartments are taking between 29% and 32% longer to sell than terraced or semi detached houses.
Below data collected today (16/11/20) in blue and compared against our Nov 2019 update (in red).
Total property on market in Bath
Rightmove – 823 vs 796
Zoopla – 730 vs 763
OnTheMarket – 472 vs 521
Home.co.uk – 851 vs 797
New Instructions in last 14 days
Rightmove – 142 vs 105
Zoopla – 73 vs 67
OnTheMarket – search option not available
Home.co.uk – 77 vs 47
Average Time on Market
Less than 1 month – 19% vs 15.1%
Less than 2 months – 39.2% vs 31.6%
More than 1 year – 11% vs 10.1%
Selling Time in Bath (last 90 days)
Mean – 43 days vs 124 days
Median – 114 days vs 62 days
Properties for Sale in Bath by Price
Under 200k – 6.5% vs 6.1%
200k to 300k – 21.1% vs 16.9%
300k to 500k – 36.1% vs 37.2%
500k+ – 36% vs 39.6%
Mean Selling Times in Bath by price bracket
100 to 200k – 204 days
200 to 300k – 101 days
300 to 400k – 122 days
400 to 500k – 100 days
500k to 1million – 113 days
1million+ – 112 days
Property on market by Type
Flats – 48.9% vs 39.1%
Terraced – 22.2% vs 23.3%
Semi-detached – 18.5% vs 21.9%
Detached – 9.9% vs 15.7%
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