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.
