Are you a homeowner in Bath? Perhaps you’re an individual or an investor planning on moving, buying or selling a property in the next six to twelve months, or maybe you’re on the lookout for your next home, perfect for the family, but not up against any time scale. Either way, having a clear understanding of the current state of the market here in the city of Bath is vital to making an informed decision and the right one for you or your family.
By reading our blog you can stay up to date on the latest market trends and activities which will help you plan effectively.
WHAT KIND OF PROPERTY MARKET DOES BATH HAVE RIGHT NOW?
One of the best ways to determine the current state of the market is to determine whether the market currently sits in a ‘buyers’, ‘sellers’, or balanced market. We can achieve this by looking at the ratio of properties marked as ‘sold STC’ or ‘under offer’ compared to the total number of properties available for sale.
For example, if 41 properties are marked as “Sold STC” out of 100 available, then the market is operating at 41%. This ratio isn’t just a random figure – it’s a reflection of the overall sentiment in the market.
Here is how the percentages breakdown to determine the market –
- Extreme Buyer’s Market (0%-20%): Buyers hold all the cards.
- Buyer’s Market (21%-29%): Buyers have the upper hand but not as strongly.
- Balanced Market (30%-40%): A stable equilibrium between buyers and sellers.
- Seller’s Market (41%-49%): Sellers begin to gain the upper hand.
- Hot Seller’s Market (50%-59%): Strong competition among buyers.
- Extreme Seller’s Market (60%+): Sellers dominate, with properties moving fast.
These benchmarks play a critical role, influencing everything from listing prices to negotiating leverage.
THE CURRENT SNAPSHOT OF THE BATH PROPERTY MARKET:
- Oct-16 – 51%
- Oct-17 – 44%
- Oct-18 – 37%
- Oct-19 – 38%
- Oct-20 – 46%
- Oct-21 – 65%
- Oct-22 – 64%
- Oct-23 – 50%
- Oct-24 – 51%
As is expected, it was a stronger market for Bath sellers in the post-Covid years, yet things have settled down now to levels seen before the pandemic, this current percentage of 51% puts us just into a hot sellers’ market.
WHAT THIS MEANS FOR BATH SELLERS:
If you’re looking at selling your property in Bath, the current market conditions require more patience and flexibility than in 2021. The days of the stamp duty holiday and properties flying off the market within days are behind us and this means that sellers need to focus on their property marketing and prepare for longer periods on the market.
A crucial step in getting your property sold in this market is to make sure that the property is priced correctly. Now that supply is outstripping demand, it is crucial that you price your property correctly to attract demand and not deter potential buyers.
This month, 57% of properties that came to the market sold STC and to completion. The rest left the market unsold. Nationally there has also been a downward trend in the number of properties selling. This is likely due to the impending budget and potential buyers wanting to secure a lower mortgage rate if inflation continues to fall.
In light of these changes, your marketing approach should be one that is well thought out and gives your property the best chance of selling. Utilising digital tools such as virtual tours, video marketing and social media posts can give your property a competitive advantage, and help gain more serious buyers in a market where securing interest is becoming increasingly challenging.
WHAT THIS MEANS FOR BATH BUYERS:
For buyers, particularly in sought-after areas in the city, the competition remains fierce. Securing a mortgage agreement in principle will give you a significant advantage over others in such a competitive environment.
In less competitive areas, buyers have more room to negotiate. You’ll likely find more flexibility on price and even some extras, such as fixtures, fittings, or other incentives thrown in by sellers eager to close a deal. The pressure to make quick decisions is reduced, allowing you more time to thoroughly consider your options.
It’s also worth remembering that most sellers are also buyers, so any loss you may experience on the sale side should be offset by a better deal on your next purchase.
External factors such as global economic trends, events, inflation, and interest rates will continue to influence the Bath property market in the coming months. Keeping an eye on these trends is essential for buyers and sellers alike.
Final Thoughts
As we enter November 2024, the Bath property market presents both opportunities and challenges for buyers and sellers. Understanding the subtle shifts in market dynamics is crucial for anyone planning a move, whether you’re a seasoned investor, a first-time buyer, or looking to relocate within the area.
Staying flexible, informed, and prepared will make all the difference in navigating this market. The experience of moving is as much about the journey as it is about reaching your destination.
