Advice, Estate Agent, Infographics, Landlord, Moving Advice, News, Property, Sales, Uncategorised

The property Market in Bath 2024 – A strategic guide:

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 1^st 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.

    
 
 
          Tracy Warren 
 
 
 
  Even though we didn’t end up renting a place through Reside, Chris and Lisa were so incredibly personable, helpful and welcoming.

Would highly recommend and will be heading there when ready to buy. 🎉
  
 
         eve mcculloch 
 
 
 
  The team at Reside could not have done more for me.  They supported me throughout the whole process when at times I probably drove them mad. I am now in a lovely home and it’s very much thanks to Lisa and Emma.
  
 
         Andy Moore 
 
 
 
  My experience with Chris Gray was just perfect. An incredibly friendly individual that really did go above and beyond to make sure I was taken care of. The whole experience was genuinely fun which says a lot for a process that can often be stressful! Don’t see myself moving again anytime soon but if I was to, I’d hope it’d be Chris helping me out again!
  
 
         Yoanna Iliadis 
 
 
 
  I am delighted with my experience with Reside! Lisa and Chris went out of their way to help throughout the process. Highly recommend x
  
 
         Niels Westberg 
 
 
 
  It has been a pleasure to have been able to do business with Reside Bath. Their people are highly efficient and utterly charming with it. I imagine that they can have few peers. I can recommend Reside Bath without reservation.
  
 
         Clod 
 
 
 
  Reside were my letting agents for five years and were fantastic. They always looked after me and my tenants and made renting my flat stress free. I’d recommend them as the first choice for letting. I then marketed my flat for sale with them and they were great again. It was a frustrating and long process through no fault of Reside or Lisa, my agent. Lisa kept me informed throughout and was a good listener when things got tough. Thanks for getting me there! Claire
  
 
         Mark Holton 
 
 
 
  Had great service from Lisa and the team at Reside, while exploring properties in Bath. We were delighted with the flat we found. The process from viewing to moving in was extremely smooth, with Lisa resolving any queries at pace along the way.
  
 
         yasmin kaye 
 
 
 
  Lisa at Reside has been absolutely amazing - we had a difficult rental search and she did everything she could to help us, finding us a wonderful flat. Recommend her and the team wholeheartedly!
  
 
         David Cox 
 
 
 
  Hello, and happy whatever day it is to you when you are reading this! ✨

My move to my new letting property with Reside was seamless. From the viewing, financials, help, and guidance, everything went through kindly, quickly, and with helpful attention. Chris, was especially helpful and I honestly felt prioritised as he could see how much the move meant to me due to being a dog owner. @Chris thank you again for everything, it really is much appreciated. ✨

Reside are instantly contactable and I cannot recommend them enough. I am a landlord myself, and I know the importance of such attention to detail and kindness. ✨

10 out of 10, cannot recommend enough! ✨✨✨✨✨✨✨
  
 
         Elizabeth Thornhill 
 
 
 
  I contacted Lisa at Reside last week and arranged rental viewings in Bath.  It was a seamless process from beginning to end.  Lisa was extremely helpful and informative about the city and if I hadn't had an offer accepted on a purchase a few days later, would certainly have taken one of the properties she showed.  Lisa was a breath of fresh air in addition to being professional and very knowledgeable about the local market.  I can't recommend Reside or Lisa more strongly.