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Bath House Sales Up 14.5% on 2023 – What does this mean for the local market?

Posted on by prateek

The number of agreed UK property sales up to the 22nd of November 2024 is 18% higher than a year ago. Breaking this down further, as of 22nd November 2024, 1,009,340 homes were sold subject to contract (SSTC), an 18% increase from the number of homes SSTC in the same period of 2023. The average UK selling price has also significantly risen, reaching £361,000 compared to £326,000 in 2023, an 11% rise.

This doesn’t mean house prices have risen by 11%. Across the country, there has been a shift and more high-value properties have been selling this year compared to last. It is due to this factor that using £/sq.ft is a better judge of house price increase. The pound per square foot has risen only by 2.7% over the last year, climbing from £331 to £340 (which is in line with the major house price indicators).

A BUYER’S ADVANTAGE –

Sellers currently face a market where realism is the key to a good, and fast, sale. As of the 22nd November 2024, 2,061 Bath homes had been sold STC, a 14.5% increase from the 1,800 homes sold in the same period last year. The average Bath selling price has risen slightly, reaching £586,652 in 2024, compared to £562,066 in 2023 (a rise of 4.3%).

The £ per square foot on the homes sold STC for Bath has been £472 per square foot in 2024, compared to £482 per square foot in 2023.

In 2023, 59.64% of Bath homes that came to market were successfully sold (completed and exchanged). In 2024, that figure has slipped to 58.94%. This change reflects buyer expectations and affordability shifts, emphasising the need for careful pricing strategies. (Bath – BA1/2 – 1st Jan to Nov 22nd).

National figures showed that 52.96% of properties were sold (exchanged and completed) in 2023, only slightly improving to 53.62% in 2024.

If you think about it, you have just over one in two chances of selling if you put your home on the market; therefore, accurate pricing is more important than ever, but it isn’t the only factor. Homes that stand out in today’s market often do so because of exceptional marketing. Virtual or video tours, high-quality photography, and targeted social media campaigns are no longer optional—they’re essential. For sellers looking to maximise interest and achieve a strong price, presenting their property in the best possible light is a non-negotiable step.

BATHS UNIQUE MARKET DYNAMICS

Bath’s property market has always had its quirks, and this year has been no exemption. Different postcode areas are experiencing varying levels of activity. In some areas of the city (and villages), homes are selling quickly, while in others, buyers have more room to negotiate, whether on price, fixtures, or even completion dates.

This means that flexibility can be an asset for buyers. Expanding your search radius or considering properties slightly outside your initial criteria could reveal opportunities that others have overlooked. For sellers, understanding these local variations is critical to setting the right price and crafting an effective marketing plan.

A Balanced Perspective: The Seller-Buyer Dynamic

It’s worth remembering that over four out of five sellers are also buyers. This dual role often means that what might be perceived as a loss on one side of the transaction can be recouped on the other. A slightly lower sale price on your current property may open the door to negotiating a better deal on your next purchase.

External Factors Shaping the Bath Market

No property market operates in isolation, and Bath is no exception. National and global trends will inevitably influence it.

That said, Bath’s property market has shown resilience in the past, which is likely to continue. While challenges remain, stabilising mortgage rates and a steady economy offer hope for a more active market in the coming months.

Final Thoughts

As Bath’s property market moves into 2025, success will hinge on understanding the current dynamics and being prepared to adapt. For buyers, this means having your finances in order and being ready to act quickly when the right property comes along. For sellers, setting a realistic asking price for your Bath home ensures your property is effectively marketed from day one.

The journey requires a thoughtful approach, whether buying, selling or keeping an eye on the market. There are both opportunities and challenges ahead – but with the right strategy, the path forward is clear.

What’s your perspective on Bath’s property market? Have you noticed similar trends, or do you see things differently?

To view our latest Sales Properties in Bath, click here – Properties for Sale in Bath (residebath.co.uk)

To view our latest Rental Properties in Bath, click here – Properties – Reside Bath

For more from Reside Bath: Lettings and Estate Agency, click the icons below!

Bath Properties are selling, on average, in 55 days.

Posted on by prateek

Are you a Bath homeowner or Landlord looking to sell in 2025?

If the answer is yes, then let us have a look at, on average, how long it takes for you to find a buyer for your Bath property and how long the solicitors will take to help get you moved in.

Independent research from Denton House shows that in the last 12 months, looking at the 1.06m properties sale agreed and the 816k properties exchanged, on average it has taken 73 days from the property coming on the market to the property becoming sold subject to contract (SSTC). This is up 6 days from the 12 months ending in June of this year.

From this point, it has then taken 113 days from the sale being agreed to completion. This is an improvement on the 117 days for the 12 months ending June 2024. The journey is a long one and not guaranteed as nationally, only 53.6% of UK homeowners who placed their homes on the market in 2023/24, have sold and moved. The remaining 46.7% have come off the market unsold.

STEP 1 – FINDING A BUYER

The first stage is to engage an estate agent (naturally, we’re here to assist) who will work with you to develop a pricing and marketing strategy tailored to attract the right buyer for your situation.

Recent data shows that over the last 3 months, a property here in Bath has taken an average of 55 days to reach an agreed sale STC. However, the bath market is far from uniform and each area in Bath has its own micro-market where it can be longer or shorter, remember this is an average.

On top of this, every ‘type’ of house also reflects different data. Let’s break it down.

(Bath centre plus a 3-mile radius).

  • Under £100k – 10 days
  • £100k to £200k – 62 days
  • £200k to £300k – 41 days
  • £300k to £400k – 65 days
  • £400k to £500k – 60 days
  • £500,000 to £1m – 53 days
  • over £1m – 76 days

STEP 2: INSTRUCTING SOLICITORS AND MORTGAGE BROKERS

Here at Reside Bath, we have our own list of recommended solicitors and mortgage brokers that we can get you in contact with. As the seller, your solicitor will begin preparing the legal documents for your property with your input and then forward this all to the buyers solicitor.

STEP 3: LEGAL WORK AND SURVEYS

After receiving the paperwork, your buyer’s solicitor will request local searches from the local authority and/or land registry to ensure there are no planned developments that could impact on your property. These searches can take a few weeks to complete as during this time the buyer’s solicitor may raise some questions with your solicitor. Simultaneously, a surveyor will inspect your property to confirm to the buyer that it is structurally sound and valued at the correct purchase price.

STEP 4: EXCHANGE OF THE CONTRACTS

Once the mortgage, the survey and the legal paperwork are all cleared and have come back without any issues, both the buyer and the seller can sign the contracts, leading to the ‘Exchange of Contracts’ between solicitors. At this stage, the buyer pays a non-refundable deposit, legally committing both parties to the sale. There is now one last step.

STEP 5: COMPLETION

Completion is when the money and keys are transferred. Typically, this takes place one or two weeks after the exchange of contracts, although, since the pandemic, there has been a shift to completion being on the same day as the exchange of contracts. At this point, the buyer’s solicitor sends the purchase funds to the seller’s solicitor. Once received, the keys are handed over and the sale is completed.

So to reiterate, here in Bath, it currently takes 55 days to get to the end of step 1 (finding a buyer) and a further 126 days from instruction of solicitors to completion (steps 2 to 5).

So, anticipate waiting 5 to 6 months from the point the property goes live on the market to the day that you move out. If you’re considering selling your home here in Bath, or a landlord looking for your next buy-to-let property, feel free to reach out to us.

To view our latest Sales Properties in Bath, click here – Properties for Sale in Bath (residebath.co.uk)

To view our latest Rental Properties in Bath, click here – Properties – Reside Bath

For more from Reside Bath: Lettings and Estate Agency, click the icons below!

‘OVERVALUING’ – HOW IT CAN AFFECT YOUR HOUSE SALE IN THE BATH PROPERTY MARKET

Posted on by prateek

In the last 5 years, 7,149 homeowners looking to sell in Bath have been caught out by estate agents overvaluing their property. Now, understandably, if you have considered selling your property then you will have felt the temptation to list it at a higher price hoping to maximise your sale. After all – who wouldn’t want to maximise their return on their investment?

However, this approach has a downside that many have overlooked: the risks and costs associated with overpricing/valuing a property. So let us dive into why correctly pricing your property is essential to secure a smooth, quick, and profitable sale for your home here in the city of Bath.

A COMMON PITFALL IN BATH’S PROPERTY MARKET:

In recent years, the Bath property market has seen a surge in home prices, leading to fierce competition among estate agents. During the peak of the market in 2021, many estate agents in Bath achieved top prices for properties, often receiving multiple offers in a matter of days. This quick time to sell was likely brought about by the desire for those to move out of metropolises such as London due to the pandemic and move to a quieter area with more space for their money. However, this quick time to sell and above-average pricing came with unintended consequences.

As fewer homes in Bath came onto the market after this boom, agents became desperate to secure listings. So, to secure potential sellers, many agents began over-pricing properties. This ‘overvaluing’ has led to delays and distress for many Bath homeowners as their property is then in turn not attracting as much attention as they thought it would leading to a significantly increased sale time and often a price reduction.

THE IMPACT OF OVERVALUING – LONGER SALES TIMES AND INCREASED RISK:

So, why are so many properties in Bath still on the market after a prolonged period of time? Often it all comes back to this concept of ‘overvaluing’. When a property is priced too high, you don’t attract serious buyers. Instead, your property sits on the market for an extended period, leading to frustration for both homeowner and agent and ultimately these properties end up being taken off the market unsold.

So, let’s look at the statistics:

Since 2019, in the regions of the BA1/2 area –

  • In 2019, 46.7% of the 3,693 properties that left Bath estate agent books, exchanged and completed.  The remaining 1,970 (or 53.3%) Bath homeowners came off the market unsold.
  • In 2020, 69.4% of the 3,116 properties that left Bath estate agent books, exchanged and completed.  The remaining 1,430 (or 45.9%) Bath homeowners came off the market unsold.
  • In 2021, 69.4% of the 3,254 properties that left Bath estate agent books, exchanged and completed.  The remaining 996 (or 30.6%) Bath homeowners came off the market unsold.
  • In 2022, 72.1% of the 2,885 properties that left Bath estate agent books, exchanged and completed.  The remaining 805 (or 27.9%) Bath homeowners came off the market unsold.
  • In 2023, 59.2% of the 2,815 properties that left Bath estate agent books, exchanged and completed.  The remaining 1,148 (or 40.8%) Bath homeowners came off the market unsold.
  • In 2024 (YTD), 57.4% of the 1,877 properties that left Bath estate agent books, exchanged and completed.  The remaining 800 (or 42.6%) Bath homeowners came off the market unsold.

THE HARD DATA ON OVERVALUING:

Now, you could reduce your asking price after three or four months to make your home’s price more realistic and affordable. This is certainly an option, yet because homes that sit on the market for too long often develop a negative reputation, potential buyers will end up asking themselves why the property has been on the market for so long and if there is a ‘hidden issue’ in the property that is causing it to not sell – essentially buyers automatically assume something is wrong with the property and get deterred.

As a result, even when the price is eventually lowered, as reported a few years ago, the property is likely to sell for less than it would have if it had been priced correctly from the beginning.

Recent independent research from TwentyEa and Denton House Research, that a UK home that takes over 100 days to sell (i.e. more than 100 days between coming on the market and agreeing on a sale) has only just over a 1 in 2 chance (56%) of successfully exchanging and completing the sale. The remaining 44% of sales fall through.

In contrast, if a property has its sale agreed in under 25 days, the chances of exchanging and completing rise to 19 out of 20 (94%). That’s a significant difference!

THE IMPORTANCE OF GETTING THE CORRECT PRICING ON YOUR HOME IN BATH:

So, what can you do as a homeowner to make sure you don’t fall into the overvaluing trap? The key is to ensure that your Bath home is priced correctly from the outset. Here are a few tips that should help you achieve this with your agent:

  1. GET MULTIPLE VALUATIONS: Now this may sound backwards coming from a local estate agent. However, do not rely on your first appraisal. Ask several agents for a valuation and compare the suggestions. Then, choose which agent you think will work best for you and your property. We would love for you to choose us so if you are interested in getting a valuation then click here. Our team have been working in the City of Bath for over 15 years and our property consultants are locals to the area having grown up here, so our wealth of knowledge is plentiful!
  • UNDERSTAND THE CURRENT MARKET CONDITIONS: The property market is constantly changing. The highs of the 2021 post-pandemic property market have now cooled off, so make sure you are getting a valuation that reflects current market conditions. It is also a good idea to follow local agents. You can keep up to date with the latest on the Bath property market from Bath’s newest Estate Agents here – or you can follow us on our social media pages found in our linktree.
  • WORK WITH AN AGENT YOU TRUST: Choosing an agent that is a good fit for you is crucial. Look at how they market properties, do they have a good reputation and whether they will do what is in your best interest, not just theirs. If you want more information about our sales services, then Click here.

FINAL THOUGHTS:

Overvaluing might seem tempting – but the risks far outweigh the potential rewards.

Not only does it result in longer sale times, but it also decreases the likelihood of a successful completion. By pricing your Bath home accurately from the start, you can increase your chances of getting a decent price and a smooth and profitable sale.

Remember, the goal isn’t just to sell your Bath home – it’s to sell it for the best price, within the best time frame, to a serious and motivated buyer. By working with an experienced and honest estate agent, you can avoid the pitfalls of overvaluing and achieve the successful sale you deserve.

If you have any questions or would like more advice on selling your Bath home, check out our dedicated sales page for both Buyers and Sellers – and always feel free to pop into our office or give us a call.