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The property Market in Bath 2024 – A strategic guide:

Posted on by prateek

Are you a homeowner in Bath? Are you thinking of moving home in the next 6 to 12 months? Whether you’re aiming to buy your dream home or sell a beloved property, understanding the property market here in the local area is crucial.

You might also be a Bath landlord, possibly looking to sell up your portfolio or add another property to your portfolio.

Also, you could be a first-time buyer wondering if now a good time is to get onto the property ladder.

Regardless of your situation, understanding if the Bath property market favours buyers or sellers is crucial to making informed decisions.

By examining the local market, we can gauge the current market trends, prices, and opportunities, allowing all parties – buyers, sellers, and first-time buyers – to strategically plan their moves.

WHAT SORT OF BATH PROPERTY MARKET ARE WE IN?

Those familiar with our articles will know that the measurement of whether it is a buyers’ or sellers’ market is gauged on the proportion of properties marked as ‘Sold STC’ and ‘Under Offer’ compared to the total number of properties that are currently on the market.

For example, if there are 46 properties sold STC and 100 available/for sale then we are looking at a percentage of 46% which would indicate a sellers’ market. See below for the way we gauge this figure is as follows:

  • 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%+)

The significance of these brackets can’t be overstated. They directly impact everything from listing prices to negotiation leverage.

CURRENT BATH PROPERTY MARKET STATUS:

When we look at the most recent findings, we can see a slight shift in the market. Within the postcode districts of BA1/2, there was an extreme sellers’ market in 2022 at 70%. Then throughout 2023, the Bath property market was in the low/mid 50% range indicating a hot sellers’ market. Then looking back to the start of 2024, the decrease has continued in the way of a buyers’ market and we are now at 51%.

WHAT DOES THIS MEAN FOR BATH’S PROPERTY MARKET?:

FOR BATH SELLERS: We are now in a property market where sellers need to start being more strategic, flexible and patient. You need to brace yourself for a longer time on the property market and make sure you are getting your house valued realistically. Setting the price right is crucial for attracting suitable and proceedable buyers.

So why is this? Well, when we look at the figures, the chances of selling your home in Bath quickly, have dropped over the last few years.

Of all the Bath homes that left estate agencies’ books between July 2022 and June 2023, 65% of these homes sold and completed so the remaining 35% left the market unsold and withdrew. Since January 1st 2024, that figure has dropped again to 58% of properties selling.

So, what can be done to boost your chances of selling your home in today’s market? Well, empowering the use of modern technology is the first port of call. Make sure your agent is listing your home across multiple channels and we are not just talking about the traditional property portals such as Rightmove, we mean social media channels too. Creating virtual tours of your property for the listing is also a great way to better present your home, so make sure your agent is providing this service, especially for higher-end properties. Interactive property listings such as 3D space tours where the user can look all around the property from the comfort of their home is becoming very popular.

FOR BATH BUYERS: Expect intense competition. If you are after highly sought-after properties, such as three-bedroom houses, then securing pre-approved mortgages and positioning yourself in the most proceedable way possible is going to be hugely beneficial and put you ahead of other prospective buyers.

Remember, four out of five sellers are also buyers, so what you may lose on the sale might be compensated for on the purchase. External influences such as global economic trends, inflation, and interest rate repercussions could all cast shadows on the Bath property market.

FINAL THOUGHTS:

As we progress into the eighth month of 2024, the Bath property market presents challenges and opportunities for buyers and sellers.

Understanding these market subtleties is crucial for anyone considering a move, from existing homeowners to seasoned buy-to-let investors, first-time buyers, or those looking to relocate to Bath.

Stay flexible, stay informed, and remember that your home-moving experience is as much about the journey as the destination.

What are your thoughts on Bath’s developing property market since we have a new Government?

Do you anticipate any other shifts or trends in the Bath property market?

What are your local insights and experiences?

Please do share them.

Property Insights: How to sell your property faster in 2024

Posted on 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.

  1. 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.
  2. 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.  
  3. 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.
  4. 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.
  5. 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.