Bath has become renowned for its attractive attributes, rich heritage and strategic location for families to both buy and rent. In this post, I want us to look at the current housing market of family homes in Bath and compare them to the national average, looking into potential opportunities for both home buyers and landlords.
Our experience as both Lettings and Estate Agents in Bath means it is valuable for us to look at this data and share the valuable information for those interested in relocating to Bath or moving within the city.
TOTAL NUMBER OF BATH FAMILY HOMES BY TENURE –
Looking at the latest data for the local area of Bath and North East Somerset – there is a total of 35,929 ‘family homes’. So, what makes a home a ‘family’ home? Well by definition, a home with dependent children up to the age of 18 living at the property. These homes are distributed variously across the types of tenure – owned outright, owned with a mortgage, socially owned, and both socially and privately rented. So what is the exact breakdown?
- Owned outright: 3,712 (10.33%)
- Owned with a mortgage: 20,232 (56.31%)
- Socially Rented: 6,447 (17.94%)
- Privately Rented: 5,538 (15.41%)
So as we can see there is a large distribution among the tenure of family homes across Bath and North East Somerset, but how does this align with the national averages?
The national averages are as follows:
- Owned outright: 8.42%
- Owned with a mortgage: 48.1%
- Socially Rented: 20.93%
- Privately Rented: 22.55%
Understanding these figures is crucial for families looking to reside in Bath. The high percentage of homes owned with a mortgage shows us that there is a vibrant property market where families want to buy a home and settle down with a family.
Alongside this, the decent number of socially rented homes suggests that there is a robust support system for families in need of affordable housing, ensuring that Bath and the surrounding area remain inclusive and supportive of family types.
BREAKDOWN OF BATH FAMILY HOMES BY NUMBER OF BEDROOMS:
Of the 35,929 family homes in the Bath and North East Somerset Area, they are split by bedroom as follows:
- 1 Bedroom: 1.12%
- 2 Bedrooms: 15.07%
- 3 Bedrooms: 43.17%
- 4+ Bedrooms: 41.14%
So, families can take pride that Bath has a significant proportion of housing stock consisting of larger homes suitable for raising a family. This is both a strong selling point for home buyers wanting to settle down in the local area, or investors looking to better understand the type of house they want to purchase next.
For landlords, zooming into this and looking closer at the rental family properties by bedroom is crucial in locating a potential gap in the market and gaining a better return in your investment. So, the breakdown of rental family homes is as follows:
- 1 Bedroom:
- 2 Bedrooms:
- 3 Bedrooms:
- 4+ Bedrooms:
For families renting in Bath, the good level of 3-bedroom rentals is beneficial, providing ample space for children and family activities. However, the lower availability of 4+ bedroom rentals could be a concern for those families looking for more space, but this does present a gap in the market and a potential opportunity for landlords to invest.
FINAL THOUGHTS:
For both homeowners and landlords, understanding the composition of Bath’s housing market is key to making informed decisions. Families can gauge how their property fits into the local market landscape, while landlords can identify the lucrative investment opportunities for family homes in the Bath area.
With Bath’s unique housing distribution and potential gaps in the rental market, it stands out as an interesting location for property investment. As far as a place to settle down and purchase a family home, the market is vibrant and the city offers the perfect location for those with children looking to move home.
As a Lettings and Estate agent with extensive knowledge of the Bath market, we are here to help you navigate these opportunities and make the most of your property investments and homeownership.
Whether you are a family curious about the local market or a landlord seeking the next best investment, Bath offers diverse possibilities. Reach out today to learn more about how you can leverage these insights to your advantage.
