Events - Reside Bath

What happened in 2024 and what is going to happen to the market in 2025?

Posted on 08/01/2025 by prateek

As a local lettings and estate agent in Bath, it is crucial we take some time at the beginning of the year to pour over last year’s statistics and take a view to what is to come in 2025. Analysing the 2024 property market locally, here in Bath, and nationally allows us to make some predictions for what we think will happen to the property market in 2025.

In 2024, the UK property market recorded 1.2m homes sold subject to contract (SSTC). This represents a 15% increase when compared to 2023, where 1.06m homes went SSTC.

The average price of a property SSTC in 2023 was £354,981 and the average sale agreed price was slightly higher at £361,529. The number of transactions has significantly risen, while the average price paid stayed around the same. That means that while house prices have not really risen, the number of UK homes that sold did significantly. Remember, the best bellwether of the health of the UK property market is not necessarily UK house prices but the number of homes sold.

So, what were the key drivers in this surge?

FALLING MORTGAGE RATES
Lower interest rates made borrowing more accessible. This in turn encouraged buyers who may have been previously hesitant at the higher mortgage rates.

WAGE GROWTH
Rising wages have given potential buyers greater financial confidence, enabling them to consider property purchases.

LOW UNEMPLOYMENT
A stable job market gave a sense of security to buyers, allowing them to make investments.

CHANGING PREFERENCES
Post pandemic adjustment in peoples personal and work lives have been key players in what people want out of a home. A few years ago when Work From Home was encouraged or compulsory, people wanted more space and didn’t have to worry about the commute time. Now, as more people are pushed back into the office, there is a shift again into people needing to move closer to their employers office.

Turning our attention to the local level here in Bath, it is important to recognise that local markets can behave differently from the national trends. In 2023, 1,919 homes sold in Bath for an average of £564,000 at an average of $482/sq.ft. Whilst in 2024, 2,183 homes sold at an average cost of £580,000 with an average of £472/sq.ft.

This is an 11% increase in transactions. So, what for 2025?

LOCAL INFLUENCES SHAPING THE MARKET:

Baths property market doesn’t exist in isolation, it is shaped by a range of local factors that are often similar yet different when compared to the national trends. Changes in employment levels, ongoing infrastructure developments and shifts in the demographic profile all impact the market. Regional policies can also influence market activity. Understanding these nuances is crucial in making an informed decision.

As we move into 2025, the property market here in the UK shows continued promise. Evaluating your property’s position within the Bath market could make all the difference in navigating opportunities or mitigating challenges in the year ahead. While 2024 was strong, it’s critical to go beyond the headlines. Local insights often reveal opportunities that broad trends don’t capture.

The Key to Selling – Realistic Pricing

Looking at the statistics above, over half of the properties listed for sale in Bath go on to sell. This highlights an essential truth about the Bath property market: pricing your home realistically is the single most crucial factor in securing a successful sale. Many estate agents are tempted to overprice properties to win your business, but this approach can significantly hinder your chances of selling, especially in a competitive market like Bath.

Research reveals that properties listed at the right price from the start are far more likely to sell quickly and successfully. For example, homes that sell within the first 25 days of being listed have a 94% likelihood of reaching completion and ensuring the homeowner successfully moves. However, if a property lingers on the market for over 100 days, if the homeowner does agree on a sale, the chances of that sale going on to exchange and complete (i.e. the homeowner moving) plummet dramatically to 56%.

As an experienced local property agent in Bath, we understand the intricacies of our market and can provide honest, expert advice about your property’s value. We aim to help you set a realistic asking price that maximises your chances of selling while achieving a fair and competitive market value. I analyse local market conditions daily and stay up-to-date with shifting trends, ensuring your home is priced to sell – not to sit on the market.

If you’re eager to move and want a reliable, professional approach to selling your home in 2025, we’re here to help. Let’s work together to make your property stand out in Bath’s market, attract motivated buyers and ensure a smooth sale from start to finish. Get in touch today for tailored advice and a strategy to sell your Bath home.

Is Bath becoming overcrowded, or are the numbers misleading?

Posted on 06/08/202404/07/2025 by prateek

This wonderful city, with its rich heritage, stunning architecture and deep-rooted history has always been an attractive place to live. However, there has been recent concern that suggests the whole of the UK and thus Bath, may be facing a population crisis, impacting the quality of life for its current and potential future residents.

With 10,128 people living in Bath per square mile, the city appears to be bursting at the seams. However, is Bath truly overcrowded, or are these figures misleading?

UNDERSTANDING POPULATION DENSITY –

To put things in perspective, the UK has a population density of approximately 1,065 people per square mile. This makes it the second most densely populated country in Europe. If we then zoom into the local area, Bath covers a 9.4 square mile area and has a population of 94,800 people. This translates to 10,128 people per square mile. Now this sounds like an extremely high figure at first glance. However, for comparison, there are 33,465 people per square mile in the Lambeth Council Area in London.

However, back in Bath, let’s break down these figures further. A square mile is a large area and is hard to comprehend, so let’s break it down into acres. 1 Acre is 64m² and is a more relatable unit of measure.

So with this in mind, Bath has an average of 14.43 residents per acre, as Bath covers 6,570 acres.

THE HOUSING SHORTAGE –

The real issue within the city at the moment isn’t just the number of residents in the area, it is the lack of available housing in the market.

To put it simply, there isn’t enough housing to accommodate everyone who wants to live in the city. This shortage is placing immense pressure on public services. Many parents end up struggling to secure their first choice of primary or secondary school for their children, and being able to find a local GP or dentist with available appointments is becoming increasingly difficult.

You would think that with all the new developments being built in and around the city, there would be plenty of new homes. The truth is that even with this number of new homes being built we still aren’t building enough. So why is this?

The source of the issue began back in the 1980s when councils stopped building houses. Before 1979, an average of 147,000 private homes were being built yearly. Since then, around 153,000 private homes have been built per year, which is not a lot different. However, the disparity comes when we look at the amount of homes councils were building per year before and after 1979. Pre 1979, councils were building an average of 165,000 homes per year, and since 1979 they have only been building 11,400 per year, a stark contrast.

In 2007, then Prime Minster, Tony Blair set out a target of 240,000 new homes per year to keep pace with population growth. The conservative government then adjusted this target to 200,000 homes per year. However, since 2012, the UK has been building only 175,641 homes per year. This shortfall has exacerbated the housing crisis, particularly in densely populated cities such as Bath.

Since their landslide victory in the recent general election, the new Labour government has announced ambitious plans to build 300,000 new homes per year. This new initiative aims to address the housing shortfall and improve housing affordability across the country.

The government’s commitment to this large-scale construction project reflects its focus on boosting the housing supply and supporting communities that are in need of new homes. However, assuming they find the people to build all these new homes, where are they going to be building them?

IS THERE SPACE FOR ALL THESE NEW HOUSES?

One might be left to wonder, if the government plans to build that many houses, where are they going to fit on a seemingly crowded island?

Interestingly, a recent government report reveals that residential properties cover only 1.2% of England’s landmass, increasing to 4.7% when we include these properties’ land and gardens. So, as well as homes, how is the rest of the land used in England:

Residential Houses and Flats: 1.2%
Gardens: 3.5%
Shops and Offices: 0.7%
Highways (Roads and Paths): 2.3%
Railways: 0.1%
Water (Rivers and Reservoirs): 2.6%
Industry, Military, and Other Uses: 1.4%
Open Countryside: 88.3%

This means that 88.3% of the land remains open countryside. If we factor in gardens, which are green spaces, the country is 91.8% green space. Thus, if we were to adopt the 300,000 annual target for the next 20 years, there is ample room to build those additional six million homes, and it would occupy only 0.3% of the country’s land.

SUSTAINABLE DEVELOPMENT:

Focusing back on Bath, the key to solving Bath’s housing crisis lies in sustainable development and innovative urban planning. Massive housing estates and towering apartment blocks are not the answer for this city. Instead, we need to consider creative solutions that allow these new developments to seamlessly integrate with the natural landscape here in and around the city.

THE ROLE OF TECHNOLOGY:

Modern technology can also play a significant role in addressing modern housing challenges. For example, prefabricated and modular homes can be constructed quickly and efficiently and reduce the strain on resources. These types of homes can be designed to be environmentally friendly, incorporating energy-efficient systems and sustainable materials.

Furthermore, advancements in urban planning software also allow for better simulation and planning of new developments, ensuring that they are both efficient and harmonious with the surrounding environment.

COMMUNITY INVOLVEMENT:

Public engagement and community involvement are crucial in addressing Bath’s current housing needs. Bath residents should have a say in how their neighbourhoods evolve. Collaborative planning can lead to more acceptable sustainable solutions. Fostering a sense of ownership of these developments can create pride among residents when developments are community-driven and with their local interests in mind.

FINAL THOUGHTS:

Bath’s apparent overcrowding is a complex issue that goes beyond mere numbers. While the city does have a high population density, the real challenge lies in the availability of housing and the efficient use of space.

By rethinking urban development and leveraging modern technology, Bath can accommodate its growing population without sacrificing the quality of life that makes it such an appealing place to live.

What are your thoughts on the matter? We would love to hear from you.

Property Insights: How to sell your property faster in 2024

Posted on 29/07/2024 by prateek

One of the most crucial indicators of the health of a property market is the length of time it takes to sell a property. The metric provides insight into supply and demand dynamics, and the market confidence that people have, and also is a market of the efficiency of estate agents in an area.

For homeowners in Bath and investors alike, a better understanding of these trends can help with decision-making. When properties sell quickly, it is indicative of a strong market and reflects a high demand. However, a long sale time often reflects either a surplus of properties on the market or decreased buyer interest.

So, in summary, monitoring the performance of the market is helpful when wanting to make informed decisions about buying or selling.

AVERAGE TIME TO SELL A PROPERTY IN BATH:

Whether you are a Bath Landlord looking to liquidate your buy-to-let investment or a Bath homeowner contemplating selling your home, understanding the latest market trends is crucial. Recent data from Q2 of 2024 provides us with valuable insight into how the local property market has been performing.

Recent independent research indicates that of the 624 Bath homes sold in Q2 of 2024, it has taken an average of 41 days to agree on a sale (Sold STC). This is a notable improvement on Q1 of 2024 where we saw an average time to sell STC of 56 days.

However, this is an average so not all properties sell in this time frame. It is important that we break down the time to sell STC into separate price brackets so we can see what types of properties might sell quicker than others.

PERFORMANCE BY PRICE BRACKET:

The time it took to find a buyer in Bath in Q2 of 2024 by price bracket:

Under £100k: 25 days
£100k-£200k: 41 days
£200k-£300k: 36 days
£300k-£400k: 34 days
£400k-£500k: 40 days
£500k-£1m: 54 days
£1m+: 44 days

The time it took to find a buyer on average across the UK in Q2 of 2024:

Under £100k: 69 days
£100k-£200k: 63 days
£200k-£300k: 69 days
£300k-£400k: 62 days
£400k-£500k: 64 days
£500k-£1m: 81 days
£1m+: 92 days

TIPS FOR BATH HOMEOWNERS TO EXPEDITE THE PROPERTY SALE:

If you are a Bath homeowner looking to sell quickly, then there are a handful of strategies you can employ to speed up the process.

CHOOSE THE BEST BATH ESTATE AGENT: Selecting a reputable Bath estate agent with a proven track record for providing the best service possible is crucial. Ask all the agents you approach their average time to find a buyer. An experienced agent will be able to provide detailed information that can be tailored to your specific inspiration.
Ensure your Bath Home is a high-quality listing: Make sure your property is listed on all the major property portals. Make sure any agent you use is getting professional photography as a standard as the first impression is crucial. Alongside this make sure that your property has a well-crafted description, allowing readers to better assess if the property is of any interest to them. All of these aspects allow a home to stand out and are vital when coming to a competitive market.
Effective Marketing: Given the increased number of listings coming to market in recent times (Over 200,000 more homes listed nationally now versus two years ago), additional marketing efforts can go a long way. When listing your property, consider additional marketing efforts that agents may offer such as premium listings, video tours/virtual tours, and social media promotional videos.
Competitive Pricing: Price your property competitively. Overpricing can lead to longer times on the market, while a well-priced property can attract more immediate interest.
Flexibility and Presentation: Be flexible with viewing times. Always make sure that your property is clean and presentable at any time when on the market. For potential buyers, first-time impressions are crucial and a well-maintained and presented property will impress buyers and can potentially expedite the sales process.

TIPS FOR LANDLORDS LOOKING TO SELL:

If you are a landlord looking to sell your rental property, then it is important to weigh up the pros and cons of keeping your tenants during the sales process.

PROS:

If your property is likely to attract another potential investor rather than a homeowner, then having a tenant in place can be advantageous as it can attract another potential landlord due to the appeal of having rental income from day one. Alongside this, tenants who have kept the property well maintained can showcase the value of the property well.

CONS:

On the other hand, if you have tenants in a property who may not cooperate with viewings and do not maintain the property to a high standard then this can deter potential buyers.

Overall, it is crucial to determine the approach that is best for your specific situation. It is crucial to consider factors such as current market conditions, and the type of buyers you are trying to attract. For example, if the property is in a high-demand area with a robust rental market then keeping tenants in may present itself as an attractive quality. However, if your target market is owner occupiers then keeping tenants is going to deter buyers and vacant possession might make the property more appealing.

PROPERTY MARKET CONTEXT:

It is important to note that these statistics only relate to the properties that have successfully sold. Nationally, only about 53% of properties that have been listed have ended up selling through to completion. This means nearly half the properties that come to market don’t achieve a sale. This is often due to poor marketing and agents overpricing the property. As committed property agents in Bath, we are here to help give you the best advice when it comes to either listing your property for rental or for sale and would be happy to help any time.

So, what did we learn at Propertymark One?

Posted on 21/06/202404/07/2025 by prateek

If you are involved any way in the property landscape in the UK and beyond, then your social media will likely have shown you that this year’s Propertymark One took place a week ago. If you missed that news then yes, the annual conference led by the property sectors professional body, Propertymark, was held on the 14th of June at the London ExCeL and gave us industry professionals a days insight into the changes the property world may see in the next 12 months. Alongside this we also got presented with new ideas around how we as professionals should be utilising our social platforms. This blog will give you a look into the day we had and our key takeaways from this event going forward.

The General Election –

Well it’s nearly here, you can almost touch those 2024 general election ballot papers. Last month, Rishi Sunak called a sudden general election following a positive start to the year for his party. In his announcement speech, he said the economy was growing faster than any other country in the G7, and his government had begun to reduce inflation in the country. However, as is customary, the opposition is keen to point out that it is more likely he called the election as the economy is stalling.

Either way, the general election is nearly upon us and the country is more than likely to see a new party come into power, most likely Labour if recent polls are to be believed. So what did the experts at this year’s Propertymark One have to say following the sudden news?

Well, the overarching opinion is that in the next couple of weeks, we are likely to see a slowdown in the property market’s cogs, a property pause if you will. People are most likely to stay put and wait to find out what the new leadership party may do to affect parts of our income streams, such as stamp duty, and other taxes before they make a move toward moving home. If stamp duty is reduced, or even as some manifestos are suggesting, get abolished entirely for young people and first-time buyers, then we may see a sudden influx of house buying. Either way, the election will bring about change and it is also more than likely that we will see a spike in the housing market (potentially an 18% increase in the first 4 weeks after the election based on past data) after the election if past trends are to continue, and inflation continues to fall.

The Importance of being a Propertymark Member –

Propertymark is the professional body for the property sector and continues to equip member businesses and individuals with all the necessary tools, training and qualifications for all sectors and staff. Nationally recognised, Propertymark allows agents to display their level of CPD (continued professional development) and the professional standards they adhere to.

This year’s PMOne continued to reiterate that being a PM (Propertymark) member is not only important for showcasing your level of professionalism in the industry but also the benefits of being a PM member. With a new level of qualifications, new benefits for members and the introduction of the company membership, it is an exciting time to be a member. So, as the market and the industry is due to see significant changes in the coming months, it is reassuring for our clients to know that we are Propertymark protected and are keeping up with the latest industry changes.

Marketing as an Agency –

In the past marketing as an agency involved just creating some form of content showcasing your listings and maybe a new team member if you were so lucky and creative. However, in recent times this has changed. People are more interested than ever in doing business with people they feel they already know when they want to bring their house to market or find a place to rent.

There was a big emphasis this year on agencies marketing themselves differently. Instead of just showing off the latest and greatest home you may have coming to market and boasting the price it is on the market for, we should be getting our faces in front of the camera, giving people a voice and person to engage with and then do more than just show off the property. People want to hear about the story behind the house and the rooms inside, the land surrounding, and all that good house stuff.

Most importantly, it was advised that agencies should be doing more than a whistle-stop tour of a home on their social platforms. They should be advertising their expertise and knowledge of the local area they cover, showing the latest news in the property landscape, going out locally and showing off the people in their company, going out and about in the neighbourhoods, showcasing local places people may want to visit or be interested in if they are re-locating and are new to town. The idea is that agencies should not only be a place people come to for their home, but for advice about the place they call home.

All of this effort is in the pursuit of making your agency stand out from the crowd, while at the event we were asked to sit down if we didn’t post certain things on social media, and by the end, in a room full of around 50 people, just 3 were left standing. Again, agencies need to become a place people can go to not only for a home but for advice on the local area or an issue they’re having in their property and know your agency is a place where they can step into for the first time, but feel like they are already friendly with you and have made a connection.

This effort is also made to create a trail of breadcrumbs that may lead to future business. For example, if someone is looking to relocate to the city and previously saw a video of your agencies showcasing the beauty of the city you are in, then they may be enticed to get in contact with you first over the other competing agents in town. Alongside this, they may also see some content of yours regarding the local amenities in the city and then trust that you know the city well, leading to a sense of trust, and then contact you regarding a sale of a house. The more listings and people you make an impression on, the more people are likely to recommend you and word of mouth will spread. Leaving these breadcrumb trails back to your agency across various channels is crucial to success in the digital age.

Rounding-Off –

Overall then, the key takeaways from this article are:

Be prepared: There is more than likely to be a flurry of activity after the election. Be prepared for any outcome. Make sure your team know and is made aware of any legislative changes that may be put into effect over the coming months.
Propertymark Membership: This is continuing to be an amazing asset to any team of any size. Individual or Company membership is available and will not only boost credibility as an agent but come with some amazing perks too.
Social Media is Power: The modern era of property agency is upon us. AI assistance will be here before we know it and social media will likely become the leading influence in the next generation choosing an agency when renting or buying a home, based on their connection with the people in the company and the brand they are presented with online. An online presence is so important and you must take the steps now to cement yourself in your local area and get that extra yard on the competition.

So, if you want to get connected with us and see what we are doing on social media, then please go and follow us on all platforms, and as ever, if you want to come and say hi you can find our contact details at the top right of the page.

Propertymark One 2024

Posted on 17/06/202404/07/2025 by prateek

Well, what an insightful day the team here at RESIDE had during the trip to London to attend this year’s Propertymark One.

For those who do not know, Propertymark is the leading membership body in the UK for all property agents, big or small, sales or lettings. They provide us with professional credibility and help businesses in the sector be equipped with the tools and training needed to tackle all the hurdles we face and provide us with the ability to grow our professional knowledge, allowing us to gain valuable and nationally recognised qualifications within the industry so you can trust us with your homes.

Since its inception last year, Propertymark One was back again to gather many familiar and influential speakers within the industry to provide us all with their valuable insight into the market over the coming months. With an election on the horizon, we were told all about how this is looking to shape the market over the next 6 months and what this means for us all.

Alongside some incredible talks on the main stage, there were also a host of ‘breakout’ rooms throughout the day which delved further into the nuances of the industry, and focussed on topics the speakers specialised in. Talks here included the way that AI may be changing the way we in the property landscape do business in the future, the benefits of marketing not only our properties but our personalities and knowledge of the market and showcasing industry insights, and the way we brand our business to stand out and be ahead of competitors.

One of these sessions was co-hosted by our very own GM, Toby Martin. Toby and his band of property marketing pros gave us all a valuable look at what it takes to become a ‘marketing superhero’, and gave an amazing insight into the reasons why we as property experts, shouldn’t be all sell sell sell when it comes to social media and our online presence, but become more tell tell tell. Tell the potential landlord or home buyer why we should be the ones they chose to come to through telling our audience about the trends in the market and becoming a place people come to for knowledge within the market. Tell everyone who we are as individuals. People buy from people and we want people to feel they can approach us, know us and trust us before they’ve even stepped foot into our office.

The whole team here are bursting with excitement at being within this market over the coming months. This year’s Propertymark One was a great day, and we can’t wait to be back next year. With the general election brewing and almost upon us, with potentially a new party coming in for the first time in 14 years, the market is due to see some new, and hopefully welcome, changes. We look forward to sharing all this with you as we find out more.

(p.s. We got to see location, location, locations’ one and only Phil Spencer in person!)

If you want to list your rental property with us, find a new place to rent, or begin searching for your new home to buy, then get in touch with our team. All details can be found in the ‘contact’ tab above. We can’t wait to hear from you.

RESIDE BATH LAUNCHES SALES SERVICE!

Posted on 12/06/2024 by prateek

Celebrating New Beginnings: Reside Bath Launches Property Sales Service

On the sunny evening of June 6, 2024, our Reside Bath office in central Bath buzzed with excitement and celebration. We were thrilled to host a delightful fizz and nibbles event to mark the launch of our brand-new property sales service. It was a wonderful gathering, attended by our cherished clients, supportive friends, local businesses, and charitable organizations.

As many of you know, Reside has proudly managed and let residential homes in Bath for years. Our excellent customer service, highlighted by our 250 Google reviews and a stellar 4.9 rating, speaks volumes about our commitment to our clients. We are now excited to extend this dedication to helping you sell your homes, bringing our personal and friendly approach to the property sales market.

Ben Bower, our Managing Director, expressed his enthusiasm, saying, “We are incredibly excited to embark on this new journey of selling homes. It’s a natural extension of what we do best – offering personalized, top-notch service to our community.”

Toby Martin, our General Manager, echoed this sentiment: “Launching the property sales service feels like a significant milestone for Reside. We’ve built strong relationships in Bath, and we can’t wait to help even more people find their perfect home.”

The launch event was a splendid success, filled with lively conversations and a shared sense of anticipation for what’s to come. Our guests enjoyed the relaxed atmosphere, and we were delighted to see such a positive response to our new venture.

At Reside Bath, our roots run deep in the local community, and this new chapter is a testament to our ongoing commitment to Bath and its residents. We believe in making every step of the property journey seamless and enjoyable, whether you’re letting, managing, or now selling your home.

Are you considering selling your home? We’d love to discuss how our new sales service can meet your needs. Get in touch with us today to see how we can help make your property dreams a reality.

Thank you for your continued support. Here’s to new beginnings with Reside Bath!

Feel free to contact us:

Phone: 01225 445 777

Email: info@localhost

to learn more about our new property sales service. We look forward to working with you!