Are you a homeowner in Bath? Are you thinking of moving home in the next 6 to 12 months? Whether you’re aiming to buy your dream home or sell a beloved property, understanding the property market here in the local area is crucial.
You might also be a Bath landlord, possibly looking to sell up your portfolio or add another property to your portfolio.
Also, you could be a first-time buyer wondering if now a good time is to get onto the property ladder.
Regardless of your situation, understanding if the Bath property market favours buyers or sellers is crucial to making informed decisions.
By examining the local market, we can gauge the current market trends, prices, and opportunities, allowing all parties – buyers, sellers, and first-time buyers – to strategically plan their moves.
WHAT SORT OF BATH PROPERTY MARKET ARE WE IN?
Those familiar with our articles will know that the measurement of whether it is a buyers’ or sellers’ market is gauged on the proportion of properties marked as ‘Sold STC’ and ‘Under Offer’ compared to the total number of properties that are currently on the market.
For example, if there are 46 properties sold STC and 100 available/for sale then we are looking at a percentage of 46% which would indicate a sellers’ market. See below for the way we gauge this figure is as follows:
- Extreme Buyers’ Market (0%-20%)
- Buyers’ Market (21%-29%)
- Balanced Market (30%-40%)
- Sellers’ Market (41%-49%)
- Hot Sellers’ Market (50%-59%)
- Extreme Sellers’ Market (60%+)
The significance of these brackets can’t be overstated. They directly impact everything from listing prices to negotiation leverage.
CURRENT BATH PROPERTY MARKET STATUS:
When we look at the most recent findings, we can see a slight shift in the market. Within the postcode districts of BA1/2, there was an extreme sellers’ market in 2022 at 70%. Then throughout 2023, the Bath property market was in the low/mid 50% range indicating a hot sellers’ market. Then looking back to the start of 2024, the decrease has continued in the way of a buyers’ market and we are now at 51%.
WHAT DOES THIS MEAN FOR BATH’S PROPERTY MARKET?:
FOR BATH SELLERS: We are now in a property market where sellers need to start being more strategic, flexible and patient. You need to brace yourself for a longer time on the property market and make sure you are getting your house valued realistically. Setting the price right is crucial for attracting suitable and proceedable buyers.
So why is this? Well, when we look at the figures, the chances of selling your home in Bath quickly, have dropped over the last few years.
Of all the Bath homes that left estate agencies’ books between July 2022 and June 2023, 65% of these homes sold and completed so the remaining 35% left the market unsold and withdrew. Since January 1st 2024, that figure has dropped again to 58% of properties selling.
So, what can be done to boost your chances of selling your home in today’s market? Well, empowering the use of modern technology is the first port of call. Make sure your agent is listing your home across multiple channels and we are not just talking about the traditional property portals such as Rightmove, we mean social media channels too. Creating virtual tours of your property for the listing is also a great way to better present your home, so make sure your agent is providing this service, especially for higher-end properties. Interactive property listings such as 3D space tours where the user can look all around the property from the comfort of their home is becoming very popular.
FOR BATH BUYERS: Expect intense competition. If you are after highly sought-after properties, such as three-bedroom houses, then securing pre-approved mortgages and positioning yourself in the most proceedable way possible is going to be hugely beneficial and put you ahead of other prospective buyers.
Remember, four out of five sellers are also buyers, so what you may lose on the sale might be compensated for on the purchase. External influences such as global economic trends, inflation, and interest rate repercussions could all cast shadows on the Bath property market.
FINAL THOUGHTS:
As we progress into the eighth month of 2024, the Bath property market presents challenges and opportunities for buyers and sellers.
Understanding these market subtleties is crucial for anyone considering a move, from existing homeowners to seasoned buy-to-let investors, first-time buyers, or those looking to relocate to Bath.
Stay flexible, stay informed, and remember that your home-moving experience is as much about the journey as the destination.
What are your thoughts on Bath’s developing property market since we have a new Government?
Do you anticipate any other shifts or trends in the Bath property market?
What are your local insights and experiences?
Please do share them.
