Bath property market update – Nov 2021
Last week, an old client rang me to discuss the market as she is considering moving. Her opening remark was “Hasn’t the market gone quiet?”. “Far from it” I replied “but there’s so little to sell, you’re not noticing the activity as much”. Over the last few weeks, practically every property we have released at Madison Oakley has generated multiple offers but, with volumes as low as illustrated below, the activity is just not as obvious in the public domain.
As you can see from the latest facts and figures below, we are experiencing an unprecedented shortage of property. This isn’t just a local issue – total national sales volumes have been steadily declining for several years – and there are many potential reasons. Chief among them locally is the difficulty in obtaining an upsize move without adding hundreds of thousands to your budget. In addition, the huge upsurge in out of town relocators since Covid has inflated demand to an impressive degree. Another major factor is the profile of new build properties built in the city over the last 20 years (primarily flats and upper price range houses when the need is for 2 and 3 bed affordable starter homes). Then you could look at the absolute lack of suitable property for our downsizing elderly population (when was the last time anyone built a few bungalows?).
This month we have collected together our usual mix of local property statistics and compared activity against November last year. Hopefully you’ll find some or all of it helpful in navigating the market at present. If you are looking to buy in this market, you may also wish to peruse our latest tips article for buyers to get ahead of the competition.
Market headlines – Nov 2021
Stock levels of available residential property in Bath are 54% down vs November last year
The median property price in Bath is now £460,000
According to the latest HM Land Registry House Price Index, property values have risen by 8.3% in BANES in the last year (Aug 20 – Aug 21)
Market data – Nov 2021
Figures below collected on 05/11/21 and compared against our archive data from Nov 2020 (in red)
Total property on market in Bath
Rightmove – 376 (823)
Zoopla – 375 (730)
OnTheMarket – 143 (472)
Home.co.uk – 396 (851)
New Instructions in last 14 days
Rightmove – 73 (142)
Zoopla – 46 (73)
OnTheMarket – search option not available
Home.co.uk – 50 (77)
Average Time on Market
Less than 1 month – 25% (19%)
Less than 2 months – 40.1% (39.2%)
More than 1 year – 12.6% (11%)
Selling Time in Bath (last 90 days)
Mean – 118 days (43 days)
Median – 39 days (114 days)
Properties for Sale in Bath by Price
Under 200k – 7.3% (6.5%)
200k to 300k – 18.4% (21.1%)
300k to 500k – 31.3% (36.1%)
500k+ – 42.9% (36%)
Median Selling Times in Bath by property type
Flats – 80 days
Terraced – 20 days
Semi-detached – 27 days
Detached – 29 days
Property on market by Type
Flats – 54.1% (48.9%)
Terraced – 18.4% (22.2%)
Semi-detached – 15.1% (18.5%)
Detached – 11.3% (9.9%)
