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A Bath Landlords Perspective on Recent Trends.

Posted on 28/05/202404/07/2025 by prateek

Between 2020 and 2022, demand for properties in the UK far exceeded supply. This drove rents to unprecedented levels.

Here in the southwest, for example, the average rent has risen from £913 per calendar month (PCM) in 2016 to £1,339 PCM year to date in 2024.

Despite this, the last 12 months have seen a slight increase in the number of properties available for rent, both nationally and regionally. This is lending to a more balanced market. This article will explore these trends and see if the same is happening within Bath.

NATIONAL AND REGIONAL TRENDS IN BY-TO-LET:

Nationally, the rental market has witnessed a notable shift in the last 12 months. During the pandemic, many factors contributed to the surge in rental prices. There was a migration of people seeking a larger living space and avoiding the disruption of new housing developments. As restrictions eased, the rental market began to show signs of stabilisation. In a bid to help mellow the rising rental prices, there has been a slight uptick in the supply of rental properties.

In April of 2023, the average rent achieved for a new UK rental property was £1,641pcm. By April of 2024, this has increased by 8% to £1,772pcm.

This is a positive sign for rental prices levelling out, as only 12/18 months ago, the increase was in the mid to late teens.

The southwest continues to be ahead in this national trend of rent increases. In April of 2023, the average rent of a new property coming to the market was £1,166pcm. This increased 12.3% in April of 2024, to £1,309pcm.

The increased supply of rental properties has brought relief to tenants, who had been grappling with 20%+ increases in rent per annum for some types of properties over the last few years.

So, landlords, what does this mean for you?

Despite this rise in supply, the demand for rental properties continues to remain very robust. This ensures that yields continue to be attractive for landlords.

THE BATH RENTAL MARKET:

On a local level then what is going on?

Well, a similar trajectory can be seen here in Bath. Post-pandemic, rents have been surging due to that imbalance in supply and demand for rental properties.

For this analysis, we are looking at the first four months of 2023, versus the first four months of 2024. In 2023, 1,227 properties came to market in the Bath area (For this the postcodes are BA1/2) and attained an average rental value of £1,684pcm.

IN THE FIRST FOUR MONTHS OF 2024, 1,158 PROPERTIES HAVE COME ONTO THE RENTAL MARKET ACHIEVING AN AVERAGE RENTAL VALUE OF £1,860PCM, A RISE IN RENT OF 10.5%.

So, for landlords present and future, is buy-to-let a savvy scheme to invest in, in 2024?

Despite recent market adjustments, Bath remains a compelling investment for several reasons. They are as follows:

Strong Rental Demand:

Bath’s rental market continues to benefit from strong demand. The city’s attractive location, good transport links, and quality of life make it a desirable place to live, ensuring a steady stream of potential tenants.

Affordable Property Prices:

Compared to other regions, Bath offers a relatively affordable price. This combined with solid rental yields and long-term, stable, capital growth, makes it an appealing option for buy-to-let investors.

Economic Growth and Development:

Bath continues to experience solid economic growth. Ongoing developments within infrastructure and amenities are not only increasing the quality of life for residents but it is also boosting the rental market by attracting more people to the area.

Long-Term Investment Potential:

Recent stabilisation in the rental market suggests a move towards long-term stability. For landlords, this means the potential for consistent long-term rental income and growth over time.

WHAT ABOUT OUR TENANTS IN ALL OF THIS?

Tenants may be feeling concerned about all of this. Burdened by the recent increases in rent, it is important to note that these rent rises have aligned with the rise in inflation over the medium term since 2016. So, in real terms, the cost of renting has not disproportionately increased. However, some tenants are still continuing to struggle due to a lack of rise in wage rates.

There is a glimmer of hope for those tenants wishing for a more balanced market and reduced rate of rent. With more supply leading to more opportunities for renters to find a home that suits their needs and their budgets, it is likely there is more place for tenants to get their rent down.

THE FUTURE OUTLOOK FOR BUY-TO-LET IN BATH:

Looking ahead, the market here in Bath appears poised for continued growth and stability. This is due to the combination of strong demand, affordable prices, and the city’s continued economic growth. Mixing this all together leads to Bath remaining a valuable investment opportunity for potential Landlords.

Now is an opportune time for those sitting on the fence about the buy-to-let market to enter. The local and national stability of rental prices indicates a mature and sustainable market that has reduced risk and volatility.

Is Bath a Buyers or Sellers Market?

Posted on 27/05/202404/07/2025 by prateek

Trying to navigate the property market in Bath can be confusing. Market dynamics are constantly evolving and understanding that dynamic is essential. Whether you are looking to buy your dream home or sell a cherished property. Recent Data has revealed a fascinating surge in property transactions across the UK, and Bath is included in this bustling activity.

The property market is currently a robust market, with property sales and listings both increasing significantly as of April 2024. However, what does this mean for you? Is Bath a buyer’s market, favored by those looking to purchase, or a seller’s market, giving an edge on those wishing to sell?

As of Sunday 21^st April 2024, the number of UK homes that went under offer (STC) was 10.3% higher than that same period during 2023, with 377,217 homes sale agreed on YTD in 2024, compared to 341,271 YTD in 2023. Interestingly, this is also higher than average seen in 2017, 2018 and 2019.

Every UK region has seen an increase in the number of properties selling STC, but even more interesting is that this is pretty much a uniform growth across ALL regions of the country.

Leading the growth charge is the inner London area with a huge rise of 21%. Closer to home the Southwest saw an increase of 16%.

This increase in the number of properties for sale is good news for buyers as it is giving them a far greater choice of homes.

Alongside this, prospective buyers and sellers are witnessing a rise in confidence. Mortgage rates have begun to decline recently, after a sharp climb last year. Inflation stands at 3.8%, a steep fall since the high of October 2022. Average mortgage rates have settled and many banks and building societies now are offering decent rates.

Despite these positive signs, Bath’s property price levels are expected to hold steady. The market is also expected to remain buyer-friendly due to mortgage affordability issues. The easing of mortgage costs will have sparked interest and dealings in the property market. This revitalisation in the market is anticipated to boost the volume of homes sold after its 11-year low last year.

This is the time to be realistic about pricing your home if you want to bring your property to market. The measurement of whether a market is a buyer or seller’s market is based on the proportion of properties market at ‘Sold STC’ or ‘Under Offer’, compared to the total number of properties on the market. The weight of this percentage cannot be overstated. They directly impact everything from listing prices to negotiation leverage.

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%+)

So where does Bath fit within these brackets?

April’s most recent findings show that between the summer of 2018 to April of 2024, the postcode districts of BA1/2 combined indicated an extreme sellers’ market at 70% in the summer of 2022, then throughout 2023 it dropped to the mid-50 % range showing a hot sellers’ market. Now, since February of 2024, the figure stands at 52%.

So, for Baths sellers, we are moving to a market where sellers need to be more strategic, flexible, and patient. Sellers need to be prepared for their home to be on the market for longer with an extended marketing period.

Here at Reside, this extended marketing period is a stage of the selling process we want to make as valuable as possible.

Marketing strategy for property sales has evolved. We now are looking to employ high-quality virtual tours on all our properties and create targeted marketing campaigns with the home being listed on multiple social media channels to gain interest across the local area and across all client bases. All clients have different needs when it comes to viewing and finding properties. Some want to search the more modern media channels, the likes of Instagram and TikTok and are content with virtual viewings on our YouTube channels. Whereas others want to locate their next property via the more traditional methods, on our website or via a Rightmove listing and then view the property multiple times in person, not via a screen.

So, for Bath buyers, you should expect intense competition if you are after highly sought-after properties. Securing a mortgage pre-approval can put you ahead of other prospective buyers. However, Bath buyers also have more leverage in this market. There is the ability to negotiate and put your offer ahead of other offers.

Looking forward, this year we have a general election on the horizon. This inevitably will affect the market, as we expect everything to go on ice three or four weeks before the election itself. There will be plenty of challenges and opportunities for buyers and sellers alike. Staying flexible and informed is vital, remember that buying a home is as much about the journey as it is the destination.

Mental Health Awareness Week 2024 (13th-19th May 2024)

Posted on 13/05/2024 by prateek

The 13^th-19^th of May 2024 is mental health awareness week. This year, The Mental Health Foundation is promoting how movement can help improve your mental health.

Research has found that regular movement or physical activity can release the ‘feel-good’ hormones that help boost mood, alertness and self-esteem whilst also reducing stress and anxiety. Just a short 10–15-minute burst of brisk walking can help us to feel better.

There are many points in the day when we find ourselves waiting for things. Waiting in line for your morning coffee, waiting for the microwave to warm up your lunch. We all end up waiting around at some point in the day. During these moments, get in some movement. Even small movements when you are waiting around, such as stretching or even walking in place. These can all help you achieve your goals no matter how big or small. Any movement has been found to help us, so even in those busiest of days, try and get moving.

Movement can also be made more enjoyable by finding an activity to take part in, alone or with others. Exploring the natural environment and trying out new experiences is a great way to get that movement in and maybe meet some new friends along the way.

Movement comes in all different forms and looks different for everyone so don’t go around comparing your movement to others. Remember, you don’t have to be super sporty to get the mental health benefits of movement. Focus on yourself and do not feel pressured to keep up with someone else.

If you want to read more about this then head over to Boost your mental health by moving more | Mental Health Foundation – and learn more about all the amazing things you can do.

Bath Rental Market Review: April 2024

Posted on 09/05/2024 by prateek

It’s that time of the month again! Toby is back with this month’s review of the Bath rental market.

This month Toby talks us through his key statistics, the lack of rental property stock, and an update on the renters reform bill. Click the big red play button to find out more!

Want to be in your NEW HOME by Christmas? Here is your deadline.

Posted on 30/04/2024 by prateek

5^TH JUNE 2024. If you haven’t listed your property by then, you may not be in the new home of your dreams before Christmas.

As May comes around, the anticipation of a warm summer is here. Thoughts of hot beaches, ice creams and refreshing smoothies are here. Your summer holiday is nearly booked and the idea of making plans for Christmas seems a million miles away.

Yet, many people want to be in their new homes for Christmas, so they can celebrate and have more space for when the in-laws come for that roast turkey dinner.

So, if this is you, then you need to get moving. The time to move before Christmas is running out.

Recent statistics show some thought-provoking trends. From April 2023 to April 2024, UK properties took an average of 69 days from listing with an agent to an agreed sale and a further 112 days to completion (keys and monies changing hands). So, in total, that’s 181 days. In comparison, between April 2022 to April 2023, it only took 47 days to find a buyer, and a further 124 days from agreement to completion.

In simpler terms, if you listed in the first week of May, you would be moving in around the second week of November.

On a local level, Bath has seen some similar statistics. Typically, it took 49 days to find a buyer and 130 days for legal completion. This meant it took just over six months from listing to completion.

A picture has been painted. Moving home is not as simple and swift a process as people believe. These figures show that late May to early June is your window of opportunity if you want to be in your new home before Christmas.

For those wanting to make the move, the message is clear, act sooner rather than later. This isn’t just about moving house. This is about ensuring that by the time the festive season rolls around, and the December frost covers the streets of Bath, you are warm and settled holding a mulled wine with your feet up.

Bath Property Owners Reap £12,417 Yearly gains since 2001.

Posted on 22/04/202404/07/2025 by prateek

Yes, that’s correct. On average, since the start of the turn of the millennium, homeowners in the Bath area have seen gains at an average of 8% growth year-on-year.

A ‘steady as she goes’ restriction in house price increase has been seen over the last few years since the pandemic hit, and this is likely to continue beyond 2024. However, we must look at the LONGER term. As much as we love to look into the short-term gains, the housing market is a medium to long-term investment for many people, so it is important to look at the house prices over this time. So, let’s look into the numbers:

ALL HOMES – (2001) £156,197 –> (2024) £442,791 = +£285,594 (8%/Yr)

APPARTMENTS – (2001) £116,254 –> (2024) £314,394 = +£198,140 (7.4%/Yr)

TERRACE/TOWNHOUSES – (2001) £139,962 –> (2024) £494,790 = +£354,828 (11%/Yr)

SEMI-DETACHED – (2001) £193,857 –> (2024) £402,413 = +£208,556 (4.7%/Yr)

DETACHED – (2001) £320,152 –> (2024) £643,462 = +£323,310 (4.4%/Yr)

Now, when looking at these numbers it is easy to forget that there has been 79% inflation over those 23 years, which eats into ‘real’ value. So, taking that into account, the real gains are as follows:

ALL HOMES -> +£158,928 (£6,910/year)

APPARTMENTS -> +£110,262 (£4,794/year)

TERRACE/TOWNHOUSES -> +£197,456 (£8,585/year)

SEMI-DETACHED -> +£116,058 (£5,046/year)

DETACHED -> +£179,917 (£7,822/year)

So, after inflation has been accounted for, the annual profit for an average Bath home stands at £6,910. This also shows that despite events such as the 08/09 credit crunch, which saw house prices plummet by over 15%, homeowners in Bath have still faired well over the longer term.

SO WHAT ABOUT BATH LANDLORDS?

Even though the number of landlords liquidating their property portfolios has increased in the last couple of years and the number of landlords buying is lower than in the 2000’s and the 2010s, there is still net growth in the size of the private rented sector each year. The simple fact is many Bath landlords remain keen on expanding their property portfolios for the longer term, despite current higher tax rates.

Alongside this, the younger generation sees renting as a choice that offers flexibility and alternatives that homeownership does not provide. This means that demand for rentals will keep growing, allowing landlords to enjoy rising rents and capital appreciation.

However, Bath Buy-To-Let Landlords must adopt a more thoughtful strategy to maintain a good return on investment. With changing laws around taxes and the balances in power, achieving returns similar to that of the last couple of decades requires more effort. If you are seeking advice on a long-term goal you have in mind for your property portfolio, then get in touch with our team here.

The Great British Garden

Posted on 11/04/202404/07/2025 by prateek

This week we wanted to reflect on what can make or break a property for prospective tenants when viewing or searching for a new rental. Time after time we are given requests that the property must have a good garden for the kids, or for couples to have their friends round for a meal in the summer and enjoy a good British BBQ, yes I am talking about the ones where we all go and sit outside in our garden, beers and drinks in hand, to then have to run inside to hide from the inevitable downpour.

So with that being said, the great British Garden, a green sanctuary that reflects the homeowners’ personality and style. Our love affair with our gardens is more than an aesthetic preference; it’s a testament to the value we place on our outdoor space. Whether it is for the kids to run around, families to enjoy a relaxing bathe in the sun, or for the dog to lie on the patio and get a well earnt rest, we all enjoy our time in the garden (at least when it isn’t raining).

As a letting’s agent in Bath, we see firsthand how a well-presented garden can have a significant impact on the appeal of a home to prospective tenants. A beautifully landscaped garden not only captivates potential tenants, but also can be what provides a tranquil retreat away from the hustle and bustle of the 9-5 or the often-stressful times that family life gives us.

These green havens can be the deciding factor when tenants are looking to rent. So, as a landlord, investing time and care into your homes garden can not only be a labour of love, but a savvy decision that will pay dividends when letting out your home.

RESIDE Bath talks with Off the Record – BANES

Posted on 09/04/202404/07/2025 by prateek

Toby’s interview with the wonderful people from OTR.

Recently RESIDE Bath’s General Manager, Toby Martin, sat down and spoke with Off The Record – Bath and North East Somerset (OTR, BANES) to discuss the important work they do in the area to support young people ages 10-25 who are living, working or studying in the area. Currently they support over 2,000 people a year and have over 30,000 contacts on record. So, their work here in Bath is very important.

OTR are celebrating their 30th anniversary this year and we wanted to show our support. OTR are providing a multitude of services to help every young person struggling, including services such as – counselling, listening support, youth participation, advocacy, support for care leavers and a LGBTQ+ focused youth group. OTR believes that all young people should represented fairly and push a focus on equality for all, regardless of the race, gender or sexual orientation.

If you want to hear what James, Ella and Andros had to say to Toby about their experiences working with Off the Record alongside their own personal experiences and how we can all help make a difference then the video is attached, and you can sit down and watch right here within this blog.

If you want to learn more about OTR and what they do for our local community then visit their website, take a look and see if you can get involved.

Find out more about Off the Record

What to read MORE from RESIDE? Click ‘read more’ to see our most recent blog entries!