Moving Advice - Reside Bath

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.

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.

Rental Market Update: May 2024

Posted on 06/06/2024 by prateek

With an election just announced, the latest trends in and the summer holidays fast approaching…Toby is here to catch everyone up with the most recent trends from the rental market here in Bath!

As always, the YouTube video is below. Let us know what your thoughts are in the comments. Until next month folks!

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.

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.