housing market - Reside Bath

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.

First time landlords invest as tenant demand increases

Posted on 13/08/201304/07/2025 by prateek

A recent study by major buy-to-let lender, Paragon Mortgages, found an increase in borrowing by first-time landlords as compared to the same time period last year.

Similarly, the percentage of business coming from landlords looking to grow their rental portfolios also increased.

John Heron, director of Paragon, said: “It would seem that an investment in property is increasingly attractive against a background of low returns on cash and volatility in global markets.”

“With perceptions shifting in terms of the improved availability of buy-to-let finance too, the lending industry is in a good place to support the ambitions of both new and experienced landlords.”

Also of interest to new landlords are the increases in average monthly rental costs in England and Wales – up by 3.5% in the 12 months to May 2013, according to LSL Property Services’ buy-to-let index.

David Newnes, director of LSL Property Services, said: “With wage growth so weak compared to inflation and house price growth, it looks like deposits will become less affordable – which will keep demand for rented accommodation high.”

He added that “private renting will become a more and more vital aspect of the economy.”

In line with these findings, we at Reside are seeing local demand for properties increasing significantly. July 2013 was our busiest month ever in terms of properties let, which were up 44% compared to July 2012 and 116% compared to July 2011. New properties added to our website also rose by 33% in July 2013 compared with last year.

Given also that rent arrears and voids are in decline, according to the National Landlords Association, this suggests that now is an excellent time for new landlords to consider investing in rental properties.

Private rents set to outstrip house prices over next 8 years

Posted on 30/10/201204/07/2025 by prateek

Private rents in the South West are set to increase significantly faster than house prices over the next eight years, with average rents set to swell by 48%. According to the National Housing Federation’s ‘Home Truths 2012’ report, Bath and North East Somerset could see a £409 rise in average monthly rents between 2013 and 2020, by far the most significant increase in the South West region. Whilst the average rent for the region as a whole is forecast to stand at £981 per month in 2020, Bath and North East Somerset would see average rents grow to £1,253 per month.

These projected rent rises follow on the heels of 37% increases in national rents over the past five years and are caused by years of not building enough affordable homes. In 2011, 390,000 new families were formed, but only 111,250 new homes were built; as this trend seems set to continue, rents look set to be forced upwards at a higher rate than house prices as more and more families turn to private rented accommodation.

Jenny Allen, South West lead manager for the National Housing Federation, commented: “The housing market is at the point of no return; with house prices and rents set to rise and thousands of families in the South West already really struggling to afford their home… Thousands of South West families are priced out of the market and are struggling to keep on top of their rents. As Home Truths shows, even working families are increasingly reliant on housing benefit to help pay their private rent.”

However, whilst the Home Truths report is forecasting dramatic rent increases, the government is painting a very different picture of the housing market by claiming that private rents are in fact going down. New housing minister Mark Prisk told the Commons that rents have fallen in real terms, because they have risen less than the rate of inflation: “The most recent official statistics published by the Valuation Office Agency in August 2012 show that median private sector rents across England rose by 0.9% in the year to June 2012, compared to a rise in RPI inflation of 2.8% over the same period. Rents have thus fallen in real terms, although there are local variations.”

Regardless of the discrepancies between the Home Truth’s predictions and Mr. Prisk’s comments, there is one thing that everyone seems to agree on: rents will continue to rise for the foreseeable future.