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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.

LABOUR’S HOUSING AND PROPERTY MARKET MANIFESTO: What Bath homeowners & Landlords should know:

Posted on 10/07/2024 by prateek

Now we know Labour will be taking the political reigns over government and hailing in a new era of policies and promises, particularly in the housing and property markets, what does this manifesto outline in their plans to address the chronic issues of housing affordability, renters’ rights and homelessness?

IMPACT OF THE GENERAL ELECTION ON THE UK PROPERTY MARKET:

Despite the anticipation and uncertainty of the general election, the UK property market has shown resilience and strength. For June, UK house prices for homes sold subject to contract (SSTC) remained sturdy at £348/sq.ft, a 5.1% increase compared to December of 2023. So, from the outset, the UK housing market is still showing growth even with political change.

The volume of property listings has also seen a notable rise, with 7.5% more homes on the market compared to the same period between 2017-2020. This suggests homeowners are remaining confident in the market, despite the recent election.

To summarise, the general election has not significantly impacted the UK property market. With house prices continuing to rise, and listings and sales still increasing, the market remains strong and provides a positive outlook for the future.

ADDRESSING THE HOUSING SHORTAGE:

Labour has set an ambitious target of building at least 150,000 council and social homes each year. This move aims to tackle the severe shortage of affordable homes in the UK property market. Many of these new homes will be council homes, providing an affordable option for families and individuals. However, there is a severe lack of clarity on where the finances to fund these extensive development projects will come from. The lack of any idea where this £18bn a year will come from is casting doubt on the ability to achieve such an ambitious goal.

ENHANCING RENTERS’ RIGHTS:

With Labour’s plan to abolish Section 21 evictions, which currently allows landlords to evict tenants without a reason, renters can expect more stability. However, this change will only be implemented once the government has reformed the courts, aiming to provide more security for renters. This legal proceeding could take years. Additionally, Labour is seeking to introduce rent control caps to eliminate excessive rent hikes, which has proven contentious in other markets. Historical data from Scotland and worldwide indicate that rent controls often lead to decreased investment in rental properties and a reduction in the overall quality of available housing, causing more harm than good.

Another significant change for the rental sector is the creation of a national landlord register. An initiative aiming to improve the standards and accountability in the private rental sector, ensuring landlords maintain their property to a decent standard.

SUPPORTING FIRST TIME BUYERS (FTB):

Labour’s manifesto also promises to support first-time buyers by reducing the barriers to homeownership. This includes increasing the availability of affordable housing and offering financial incentives. Such measures could stimulate market activity and make it easier for FTB’s to get their first home, although the specifics of these policies remain vague.

PROMOTING HOUSING STANDARDS AND SUSTAINABILITY:

To ensure that homes provide a safe and decent living environment, Labour plans to enforce a Decent Homes Standard.

This standard will focus on improving safety, decency and energy efficiency, setting clear criteria for what constitutes a ‘decent’ home. Additionally, millions of homes will be retrofitted with measures designed to enhance energy efficiency, reduce CO2 emissions and lower energy bills. The initiative reflects and strong commitment to sustainability, which could also create new opportunities and challenges for the property market in Bath.

REGULATING THE HOUSING MARKET:

Labour also intends to reform land and property taxes to ensure fairness and efficiency in the housing markets. Additionally, they aim to curb property speculation and reduce the number of vacant homes by imposing higher taxes on empty properties. These measures could stabilise the market and make housing accessible to more people.

IMPLICATIONS FOR BATH LANDLORDS AND HOMEOWNERS:

These policies will bring changes in the market, especially for landlords. Increased regulation, particularly in the rental sector, will require landlords to ensure they are extracting the maximum value of their investment. With many of these changes on the horizon, Bath landlords should seriously consider making those changes in the coming months.

The push for affordable housing and support for first-time buyers might alter market dynamics in the rental and lower-priced starter home markets. Furthermore, shifting the focus on sustainability in homes will present new and interesting challenges in property development and management, especially in areas with a high level of listed buildings such as here in Bath.

Post-election and beyond, the changes for homeowners will be minimal. The proposed development of new houses across the country will see a slowdown in house price growth, yet this is not always a bad thing. People tend to move when they deem it a necessary change and not based on the price of housing. So, over the next 5 years, it is unlikely that we will see a huge change for homeowners.

Historically, not all manifesto promises come to fruition. So overall for all property owners, it is essential to remain realistic about the changes that may occur over the next five years and potentially beyond.

In conclusion, while Labour’s manifesto presents a comprehensive plan to address the housing issues this nation faces, it will likely take a lot of time until changes are felt in Bath and beyond. Landlords should prepare for a slightly more regulated environment. Yet, we have seen increased regulation over the last decade, so the immediate impacts may be limited for some time as the new government navigates the vast complexities of implementing these ambitious policies into practice.

How to Navigate the Property Market after the election and what could be a ‘Starmer Surge’

Posted on 02/07/202404/07/2025 by prateek

How do we navigate, what some people are calling, a potential ‘Starmer Surge’ following the general election?

Despite the anticipation and the ever-continuing speculations around this year’s election, the impact on the property market has been negligible.

Trends in the market, buyer interest, and property values have remained steady, showing no significant fluctuations. So given the political uncertainty, it suggests that factors that affect the property landscape are more economical than political, such as interest rates, demand and supply.

Homeowners in Bath and beyond have maintained their focus on these core elements and have demonstrated resilience to such economic turmoil. So, as political commentators predict a Starmer-led Labour ‘super majority’, could we see another ‘Boris bounce’ in the post-election months like we saw in early 2020?

IF WE DO…WHAT DO WE CALL IT? A ‘STARMER SURGE’?

Before we jump the gun, let’s look at why there are bigger fish to fry irrespective of who wins the election:

Homeowners looking to sell their properties will encounter increased competition. Starmer surge or not, as more homes continue to be listed for sale, the significant rise in mortgage rates has significantly impacted buyers’ incomes and their affordability to buy homes. This has led to a shift in demand. It has also caused price corrections in buoyant regions, especially in the south.

AVOIDING THE OVERPRICING TRAP:

In the initial wake of any election outcome, we will likely see larger estate agents offering overinflated valuations to homeowners, only to suggest a price reduction months later. Larger agencies can afford to do this, but small agencies rely on consistent sales and thus tend to offer more realistic prices the first time of offering.

We have played witness to numerous Bath homeowners being advised to place their properties on the market at elevated prices after significant economic and political shifts. Over time, with few viewings and no genuine offers, they are reducing the asking price. Many homeowners, led with the prospect of achieving more for their property, end up missing out on desired homes. Many may think they are immune to such tactics, but the higher valuation is often very tempting.

It is natural to want to price your home ambitiously. While pricing your property with a high price tag is totally understandable, refusing to adjust the asking price after a few weeks of little to no interest can be a costly error. An overpriced home can stagnate, leading to potential buyers suspecting something is wrong with the property.

A lack of early interest and viewings should be seen as a clear sign that you need to reconsider the asking price. Being responsive and proactive is crucial if there are no serious inquiries or offers within the first few weeks. By doing so, Bath homeowners can avoid the traps of a stale listing and increase their chances of a successful sale and move.

THE CURRENT UK AND BATH PROPERTYMARKET LANDSCAPE:

If one compares the number of UK homes sold year to date (YTD) in 2024 (459,682), we can see it is 11.3% higher than the net sales of 2023, yet we are 22.9% lower than the YTD figure in 2021. However, if we look at the number of UK homes for sale today then there are around 694,000 homes for sale compared to 481,000 homes for sale in May 2021. Now, let’s delve deeper into the stats for specifically the Bath region.

So, linking back to what we have said previously, why is pricing your home right the first time so important? Well, only 51.9% of properties that have left the market since the start of the year have sold to completion. The other 48.1% of properties left the market unsold. So, you can see that by having an almost 50-50 chance of selling, you need to make sure your prices are realistic and that you are getting a great agent to market.

RE-THINKING THE SELLING STRATEGY:

The Bath property market tends to shift collectively. The market remains manageable as long as the homeowners aren’t facing financial losses and can manage an upgrade. Many assume continuous gains when selling their home, but real profit only materializes when one parts with your final property. Once a property is put on the market it is crucial to focus on the online and offline marketing journey. The initial four weeks provide insights into whether the property is priced correctly, gauged by the number of web views on portals, actual viewings and offers received. One strategy employed by some Bath homeowners is to price their home at a slightly lower price to spark more interest and drive up offers.

Boutique agents, such as ours, can offer you a more authentic experience and a realistic valuation in a challenging and ever-fluctuating market.

SWITCHING AGENTS OR GOING ONLINE?

In a slow property market, patience can wear thin. If considering switching agents, sellers should evaluate the current agents’ efforts and communication frequency. Multi-agency agreements can be another option, although these are becoming less popular due to the higher fees often associated.

Online agencies could be another option. However, their one-size-fits-all approach can fail to capture the nuances of individual properties, making them a less effective option in slower markets.

FINAL THOUGHTS:

The current property market is a complex beast. ‘Surge or no surge’ it is all about maintaining a realistic asking price. The freeze on the BoE base rates is a welcome pause. While it won’t create a frenzy like the stamp-duty holiday of 2020, any possible drop in the summer or early autumn will be a welcome respite. With the right strategies and awareness, Bath home sellers can effectively navigate these waters and ensure their property finds the right buyer at the right price.

If you are interested in selling or buying a property, then don’t hesitate to get in touch with the team. Contact information can be found at the top of the page.

Why has the UK property market not cashed?

Posted on 13/06/202404/07/2025 by prateek

Across the UK the property market has met significant challenges over the past 18 months and yet in its wake has displayed a strong resilience to its forces. Many analysts predicted back in the autumn of 2022 that the country would see a dramatic downturn in house prices driven by economic uncertainty, cost of living crisis, and ever-increasing mortgage rates.

However, contrary to the dire forecasts predicted many months ago, the prices of houses across the country have remained relatively stable. This article will dive into the reasons behind this unforeseen occurrence and provide valuable insight for both homeowners and landlords alike.

ECONOMIC PREDICTION VS REALITY:

Liz Truss vs the lettuce…who remembers that? Well during her time in office, she and the treasurer at the time, Kwasi Kwarteng, produced their highly controversial ‘mini-budget’. Following this, there were widespread predictions that there would be a dramatic fall in house prices and some forecasts even predicted that we would see a decline of 20-35%. Yet, these never materialised. The decrease has been instead modest, with land registry figures showing about a 3.12% decline over the previous 18 months.

If we look at the past 12 months, British house prices have increased a measly 0.89%, when compared to this time in 2023. So, why were the forecasts so inaccurate?

IMPROVED LENDING PRACTICES:

During previous economic downturns, people have often cited banks’ poor lending standards. However, changes to mortgage regulations require banks to ensure borrowers can afford their monthly repayments, even if rates increase significantly.

This precaution has provided a substantial buffer for homeowners, enabling them to cope with the rising rates.

For example, in 2007 shortly before the global financial crisis, many borrowers did not need to prove their income to their banks. The 2014 MMR changes addressed this issue, ensuring that lending was based on sound financial footing. Consequently, many homeowners could still afford their mortgage when rates increased recently.

EMPLOYMENT & WAGE GROWTH:

Another crucial element has been the relatively stable employment situation. Although the UK experienced a brief recession over the winter, unemployment rates have remained low at 4.3%. For comparison, the unemployment rate during the 08/09 financial crisis was at 8.5%. Moreover, the average wages (inc. bonuses) have increased by 5.7% over the past year, reaching their record high at an average of £682 a week.

The combination of low unemployment and increased wage rates has led to fewer homeowners being forced to sell their homes due to financial difficulties. Banks have also been proactive and provided those with financial difficulties solutions to these problems with interest-only payments and extended mortgage terms to help them manage their repayments.

SUPPLY AND DEMAND DYNAMICS:

The impact of economic challenges on the property market has been more evident in transaction volumes than in prices. Typically, there are about 1.16 million house sale completions annually in the UK. However, during the ‘race for space’ seen at the back end of the COVID lockdowns, this number surged to 1.48 million. It then dropped back down to 1.26 million in 2022 and further to 1.02 million in 2023.

So, while demand has decreased because of higher mortgage costs, supply has also been reduced because of potential sellers choosing to wait for better market conditions.

On a final note, on this subject. There was in fact an increase in net house sales in the first 5 months of this year when compared to house sales in the first 5 months of 2023. However, there was only a 9.9% rise in new homes coming to the market.

FIRST-TIME BUYERS AND THE RENTAL MARKET:

Arguably the ones affected by the rising mortgage rates the most are first-time buyers. Typically, this is due to the larger amount they have to borrow in proportion to the home value. Despite this, they have been more active in the market than expected. This has likely been influenced by the rapidly rising rental costs. This rent increase has motivated many to purchase homes, often with financial help from families.

On that subject, data from the English Housing Survey revealed that 11 out of 30 first-time buyers received financial gifts from their families in the past year, up from 8 out of 30 in 2022. This support has played a vital role in the continued activity in the housing market.

THE BATH PROPERTY MARKET:

So, locally, how is this all affecting the market?

Looking at the monthly exchange of contracts data, the average price paid from may 2019 to April 2020 for a home in Bath (BA1/2) was £497,595.

In comparison, the average price paid between June 2023 and May 2024 has been £575,385. This is a rise in prices of 15.6%.

Now, it is important to stress that Bath home prices have not risen by 15.6%, only the average price paid between the two 12-month periods.

OUTLOOK FOR HOUSE PRICES:

Eighteen months ago, economists almost unanimously predicted a decline in house prices. Now, many forecasters are predicting growth. Estimates vary. Some are predicting an increase of around 4%, while others are suggesting a lower 3% rise. However, stretched affordability is also leading some to predict a flat market over the coming months.

What we can take away is the resilience and impressive ability to weather economic storms in the UK market. Partly thanks to sound lending practices, but also due to stable employment levels, rising wages and family support. While the volumes of sales have decreased from the hefty days seen in 2021, house prices have remained more stable than many predicted.

If there is concern about how the upcoming election may affect the market then do not fret. It is our belief that it will hardly have any effect on the medium-term direction of the property market (On the assumption none of the parties have any creative ‘wacky’ plans in their policies which are not yet published at the time of writing.)

So, as we enter the second half of the year, the property markets resilience will continue to be tested, but foundations laid over recent years are providing a solid structure for the navigation of any future challenges.

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.

Bennets to Bonnets: The Reside Guide To All Things Austen

Posted on 08/09/201404/07/2025 by prateek

Visitors to Bath during September will notice an unusual superfluity of breeches, bonnets and corsets, and a staggering abundance of petticoats, parasols and cravats. For ten days from the 12th of September, hundreds of ‘Janeites’ will flock to Bath in full Regency costume as part of the annual celebrations of the life and work of Jane Austen.

In anticipation of the fourteenth Jane Austen Festival, we have unearthed some fascinating facts about Jane and her creations. Whether you are a Bingley, a Bennet or a Darcy, we hope it will help you to find your festival spirit!