Bath property market update – November 2022
With Halloween and Bonfire Night having passed, there’s now no avoiding the Christmas displays in the shops or adverts on the TV but how has the Bath property market fared during a time of significant economic and political upheaval? Since our last market report in September, we’re on our second Prime Minister and Chancellor, we’ve seen interest rates rise sharply and mortgage lenders follow suit.
Some October national housing market figures have just been published. Prices fell on a quarterly basis for the first time since July 2020 (Nationwide), the Bank of England announced a drop in mortgage approvals, and the number of new UK buyers registering fell below the five-year average for the first time since May 2020. This must all be balanced against the perennial issue of vanishingly low UK housing stock – even if buyer demand within the UK falls as a result of higher interest rates or economic uncertainty, it is this shortage in supply that underpins the relative strength of the current market.
On the ground in Bath, the market appears to be holding up fairly strongly when you allow for the usual seasonal trends. As per the headlines below, stock levels have risen a little but that influx of new properties appears to have slowed in the usual fashion as winter approaches. Demand has fallen since the disastrous mini budget with investors in particular being somewhat discouraged by higher mortgage rates and residential buyers struggling to rejig their affordability too. However, there are and will always be segments of the buying public that need to move and (from our point of view at least), the flow of sales agreed has remained relatively steady.
Please see below our usual selection of pertinent local property data. Do let us know if you need any further information by emailing us at info@madisonoakley.co.uk or messaging via our Facebook page.
Quick local headlines
- 12% more properties currently available/on market than November last year and also 11% more than our Sept 2022 update
- New instructions down 16% since Sept 2022
- 9% increase in Bath asking prices vs November last year
- Semi detached homes still the fastest sellers. Flats still the slowest property type to sell.
- Selling time remains static compared to Nov 2021 but 34% slower than our last update in Sept 2022
Figures below collected on 07/11/2022 and compared against our archive data from late October 2021 (in red)
Total property on market in Bath
Rightmove – 517 (421)
Zoopla – 376 (403)
OnTheMarket – 179 (186)
Home.co.uk – 522 (460)
New Instructions in last 14 days
Rightmove – 129 (98)
Zoopla – 52 (61)
OnTheMarket – search option not available
Home.co.uk – 72 (60)
Average Time on Market
Less than 1 month – 31.4% (23.6%)
Less than 2 months – 49.8% (34.7%)
More than 1 year – 8.4% (14.1%)
Selling Time in Bath (last 90 days)
Mean – 95 days (114 days)
Median – 42 days (41 days)
Properties for Sale in Bath by Price
Under 200k – 4% (6.3%)
200k to 300k – 18% (18.6%)
300k to 500k – 33.7% (34.7%)
500k+ – 44.2% (40.2%)
Median Selling Times in Bath by property type
Flats – 52 days
Terraced – 42 days
Semi-detached – 26 days
Detached – 31 days
Property on market by Type
Flats – 44.6% (51.7%)
Terraced – 19.9% (17.8%)
Semi-detached – 19.3% (16.3%)
Detached – 10.9% (9.5%)
