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Bath Rental Market Review: March 2024 Edition – Plus a RESIDE Update!

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Bath Rental Market Review: March 2024

Hello and welcome back to the RESIDE blog!

This month Toby brings you all the latest market updates from Bath here at RESIDE, and also lets us know a bit more about the on going saga of the Renters Reform Bill.

Key takeaways from this months update:

  • Avg. time to let: 16.8 days
  • Avg. rent achieved: 99.6%
  • Avg. rent increase: +4.2%
  • Tenant Demand: -1.2%

In other news, we would like to welcome to the team (and the helm of the marketing ship) Alex!

Alex has joined us here to get our marketing to the next level. Be sure to look out for more content on our social channels showcasing the amazing work that the team here at RESIDE do to bring your rental property to the market, alongside some new and improved footage of all our listings.

Until next week folks,

Alex and Toby.

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January 2021 Lockdown: What You Need To Know

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A very happy new year to everyone reading this. Whilst we still hope that 2021 will bring brighter and better times, sadly we find ourselves under national lockdown again. As was the case with the lockdown in November 2020, the government has confirmed that the property market will remain open and that we can continue to go about our business whilst taking strict precautions.

Property viewings are allowed, as long as we have the permission of the incumbent tenant and they are not isolating. We are taking careful precautions when visiting any property; all parties present are required to wear face coverings and gloves, and any surfaces touched are wiped down before we leave. We will also continue to use our very successful virtual viewings for all enquiries, in order to keep physical viewings to an absolute minimum.

Home moves are permitted, so any tenants due to move in or out of a property in the coming weeks can still do so, unless they have been told to isolate. We are required to comply with strict safety guidelines, and the measures we have implemented go beyond what is asked of us; all moves during the lockdown will be completely contactless so tenants will not need to meet with anyone from Reside in person.

Contractors are allowed to carry out repairs during the lockdown, as long as they observe safety guidelines. We are asking tenants to report routine maintenance issues to us, as long as they are comfortable with having an engineer visit their property, so that we can arrange repairs where possible rather than build up a backlog of issues to be addressed after lockdown.

Our office will stay open. Although we are heading into a national lockdown, we will still be here should you need us. Our office will be staffed during our standard opening hours, but you should telephone, email or arrange a Zoom meeting should you need to speak with us. Please do not visit our office in person during the lockdown, unless it is essential to do so.

Whilst we are still permitted to carry out the vast majority of our work, we must take extra safety precautions, all of which have been carefully planned to reduce risk to all parties. We are very fortunate to be able to continue our work, and we take our duty of care to ourselves, our clients and each other very seriously.

If you would like more regular updates on developments over the coming weeks, these can be found on our social media channels or by contacting our office directly.

Inside The Jolly’s Refurbishment

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The perfect property to rent in Bath?

Milsom Street is the beating heart of central Bath, shoppers busily flowing down the thoroughfare and its various tributaries. It is dominated on the western side by a department store which has become synonymous with the city, Jolly’s. Jolly & Son has, in one form or another, been a staple of the Bath shopping scene since 1823. Its immediate future is sadly uncertain, as current owner House of Fraser seeks to agree a new lease with the council, following a buy-out by Sports Direct.

Above Jollys’ crowded aisles, a rejuvenation of a different kind has taken place. A highly regarded Bath-based developer, Longacre, has converted ten run-down apartments into fourteen exceptional and exclusive studio, one and two bedroom apartments. Not that you would know, standing on the street – the building’s Georgian facade remains unchanged.

An Uncompromising Finish

The development is accessed by a heavy wrought iron gate, behind which lies a painstakingly restored peacock mosaic bearing the name of the department store. A large hallway with a cantilever staircase leads to a landing lined with skylights. The apartments vary in size and shape, but not in quality. Engineered timber flooring, granite kitchen counters, and stainless steel integrated appliances are universal, as are the views over the city front and back.

Secure Investments & Happy Tenants

Such a high quality of finish, paired with the most central location in the city, made for the perfect Bath property investment opportunity. Working closely with the selling agent, Knight Frank, we were able to inform our landlords of the development at an early stage, and have since brought several of the apartments to the rental market. As far as property to rent in Bath goes, these apartments are ideal: clean, contemporary, central and high quality – ultimately, very appealing to tenants.

Each apartment that came to the rental market let very swiftly – within just a few days in most cases. With tenants happy and landlords confident of a secure and reliable investment, these apartments have been a real success story.

If you are looking to expand your property portfolio and would like some expert advice, or if you simply have a property to rent in Bath, contact us on 01225 445777 or info@localhost. We would love to help.

Government Announces New Electrical Safety Regulations

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Subject to approval by both Houses of Parliament, landlords and letting agents will need to ensure electrical installation inspections and testing are carried out for all new tenancies in England from 1st July 2020, or from 1st April 2021 for existing tenancies.

The Government has laid The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020, which require landlords to ensure that every fixed electrical installation is inspected and tested at least every five years by a qualified engineer. The Regulations also state that a landlord is required to obtain a report of the results of the inspection, supply it to each tenant within 28 days and retain a copy until the next inspection is due.

“We are supportive of this concept and believe it will create a level playing field for all agents and landlords as well as ensuring improved safety standards for tenants. Mandating inspecting and testing of every fixed electrical installation should have a limited impact on good professional landlords and agents in the market, many of whom already voluntarily undertake these inspections.”
– David Cox, ARLA Propertymark Chief Executive

The landlord or their agent must supply a copy of the latest report to any new tenant before occupation, or within 28 days if requested by any prospective tenant. The Regulations require local housing authorities to enforce the rules, with landlords obliged to provide a copy of the report to the local authority within 7 days if requested.

Proven breaches of the Regulations can result in the local authority imposing a financial penalty of up to £30,000.

Professional Management

The government’s drive to raise standards in the private rental sector means that there are now nearly 150 pieces of law affecting tenancies. It has never been more important for your tenancy to be managed by a knowledgeable, professional and regulated agency.

For guidance on all aspects of tenancy management, or if you are considering letting your property in Bath, contact us on 01225 445777 or info@localhost.

Awards Recognition For Reside

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Reside was crowned Bath’s best lettings agent at the Bath Property Awards, a celebration of the city’s vibrant property sector encompassing everything from property agents to interior designers. The panel of ten independent judges, comprising industry experts and local luminaries, summarised Reside as a “smart company with highly-detailed local knowledge which cleverly balances landlords’ and tenants’ needs.”

Three hundred eager property professionals descended on the Apex Hotel for the inaugural awards hosted by MediaClash, proprietors of the prestigious Bath and Bristol Life Awards.

Collecting the best lettings agent award from Homes under the Hammer’s Martin Roberts, Managing Director Ben Bower paid tribute to the Reside team’s tireless work and commitment.

 

Bath Property Awards

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Congratulations Chris: Reside’s Lettings Negotiator Earns Level 3 Propertymark Qualification

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At Reside, we take great pride in delivering exceptional service to our clients and maintaining high standards within the lettings industry. We are thrilled to announce that our dedicated Lettings Negotiator, Chris Gray, has achieved the Level 3 Propertymark Qualification in Lettings & Property Management.

Obtaining the Level 3 Propertymark Qualification in Lettings & Property Management is no small feat. The qualification covers the full spectrum of lettings law and best practice, requiring many hours of study and four separate exams.

Reside Bath stands out from the competition by having a team of qualified professionals who possess in-depth knowledge of the lettings industry. Chris is the fourth member of our team to qualify for ARLA Propertymark membership, with more currently studying for their exams.

Holding industry qualifications showcases our dedication to staying up-to-date with current regulations, best practices, and the ever-evolving landscape of the property market. By investing in our team’s continuous professional development, we ensure that our clients receive the highest level of service and expertise.

Reside is an award-winning independent letting agent in Bath. Please get in touch if you would like to discuss any aspect of letting or managing your property; we would love to hear from you.

RESIDE Bath on Phil Spencer Podcast.

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A couple of weeks ago, our resident Property Mark Trustee and Regional Executive (and all-round lettings expert) Mr Toby Martin (MARLA), was invited on to MOVE IQ’s local housing market review podcast with host and MOVE IQ founder, PHIL SPENCER!

MOVE IQ is all about providing all the information and a one site fits all space for all property questions. With a range of property experts and journalists across all backgrounds providing crucial information to the consumer.

MOVE IQ’s site aims untie the common goal of making sure that everyone has no-nonsense access to all market information when looking to sell, buy or rent, away from any bias and to make sure they meet all their readers and listeners needs within a market that is constantly changing.

RESIDE shares this goal of making sure that we too provide all the market information that we can, but on a more local basis here in the City of Bath. With that said, Toby was ever so kindly invited to be involved with the podcast and talk all things Bath rental market. He gives meaningful insight into the growth the bath rental market has seen over the last decade and what this has meant for the market, the growth in the average rent, difficulties landlords are facing and why we need more investment in the sector.

In this podcast Toby talks all things Bath Rental market. All the trends and statistics you could ask for are all here alongside more market insights further afield. If you wish to watch then please click the big red play button in the video attached below!