April Bath property market update –
Welcome to our latest market update. Whilst we’re enjoying a prolonged spell of spring sunshine, two startling property headlines have just been released by the Office for National Statistics and HMRC. The ONS have calculated the average UK house price has risen 8.6% in the last year and HMRC figures show the number of property transactions in March 2021 was more than double that of March 2020.
Confidence in the vaccine rollout, restrictions easing and continued commitment to lifestyle changes would seem to be more than counterbalancing the inconvenience of the impending (delayed) end of stamp duty holiday (full saving ending 30th June and tapered saving ending 30th Sept).
However, digging into the latest local data shows there are some sharp contrasts in the Bath property market at present. Average selling times at present are running between 20% and 40% faster than last year as supply levels continue to be a major issue locally. At the same time though, over 30% of properties currently on the market have been available for more than six months. There is also a major contrast in success levels between property types. Semi detached and detached homes are fastest to sell but flats are over 26% slower than any other type and there are 25% more flats for sale compared to April last year. Some good news re local affordability though with a slight 5% increase in available homes under £300,000.
Continuing the trend from the last year, support for local businesses during the pandemic has seen smaller independent agents benefiting from the largest growth in instructions. At present in Bath, four of the top five local agents for sales agreed are single branch independents, reinforcing the view that sellers are opting for real local expertise, personal accountability and a tangible community presence.
Our usual collection of market update data points are below with a couple of new additions to focus in on selling times. Figures in red (where available) are comparisons to our March 2020 report.
Total property on market in Bath
Rightmove – 647 (676)
Zoopla – 556 (569)
OnTheMarket – 266 (430)
Home.co.uk – 653 (647)
New Instructions in last 14 days
Rightmove – 158 (130)
Zoopla – 85 (94)
OnTheMarket – search option not available
Home.co.uk – 89 (66)
Average Time on Market
Less than 1 month – 26.7% (23%)
Less than 2 months – 42.8% (39.5%)
More than 6 months – 31.3%
More than 1 year – 11% (10.8%)
Selling Time in Bath (last 90 days)
Mean – 118 days (147 days)
Median – 57 days (99 days)
Properties for Sale in Bath by Price
Under 200k – 7.5% (4.9%)
200k to 300k – 21.1% (15.9%)
300k to 500k – 37.2% (38.6%)
500k+ – 34.1% (39.8%)
Mean Selling Times in Bath by price bracket
100 to 200k – 216 days (206 days)
200 to 300k – 132 days (135 days)
300 to 400k – 129 days (148 days)
400 to 500k – 90 days (130 days)
500k to 1million – 103 days (132 days)
1million+ – 96 days
Property on market by Type
Flats – 53.3% (39.7%)
Terraced – 20.7% (22.6%)
Semi-detached – 13.7% (21.8%)
Detached – 11% (15.9%)
Selling Times by Type
Flats – 155 days
Terraced – 114 days
Semi-detached – 89 days
Detached – 86 days
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