BATH PROPERTY BRIEFING

B AT H

H O M E T R U T H S A B O U T T H E L O C A L M A R K E T

P R O P E R T YB R I E F I N G

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21% The proportion of buyers in the local prime market

coming from London in the year to April 2021.

£825,624 The average house price in the electoral ward of

Lansdown, the fourth most expensive location in South

West England in 2020.

Property profileFactors shaping the local market

60%The proportion of sales this

year that have been in Bath’s surrounding villages

and countryside.

+8.1%The price growth of prime

properties in the local area in the year to the end of June, the strongest growth being

for village properties.

YO U R L O C A L M A R K E T

The level of interest in the Bath property market remains high

“During the past 12 months, we have seen high demand for property in Bath and the surrounding countryside, and this looks set to continue through the summer. Between January and the end of June, we registered 93% more new buyers compared to the same period last year, which has translated into 110% more sales agreed. Interestingly, none of these buyers expected to complete before the end of the stamp duty holiday in June (with tapered relief until the end of September), which suggests that the drive to find a new home remains strong. Bath has long been an attractive city for buyers in terms of its lifestyle, excellent schools, green spaces and architecture. Traditionally, the local market has been driven by city property, but the demand for more inside and outside space has seen the countryside market bounce back. For 2021, 60% of our sales have been in the surrounding villages and countryside. In terms of buyer location, we are receiving an increased number of enquiries from people in London and the Home Counties who want to move west for the quality of life and the value of properties. Of course, homes with outside space are in high demand, but best in class properties are proving to be where the market is focussed. This level of interest is good news for our sellers. The number of viewings needed to get an offer has fallen by 40%, while 32% of sales are receiving multiple offers. Setting the correct guide price remains a key part of the process though. It’s important to encourage the right level of competition. As your agent, we can then broker that interest and find the best buyer and best price for you. So, whether you are thinking of selling your home or buying your next one, we’d be delighted to talk to you.”

Luke Brady Head of Office +44 (0) 1225 474 501 [email protected]

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Matthew Pegler Director of Residential Sales +44 (0) 1225 474 503 [email protected]

51%The increase in the number of sales of £1m+ properties between January and June,

compared to the same period in 2019.

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PROPERTY VALUES ACROSS BATH AND THE SURROUNDING AREAAs social distancing measures relax, the town and country markets will rebalance and support price growth in the city.

"Since the housing market reopened last year, we’ve seen a surge in demand for prime property across the area served by our Bath office, as people reassessed their lifestyle priorities and housing requirements. Despite the depth of the prime housing market in the city, this increased demand has been largely driven by people looking to relocate from London and the South East of England to villages and rural areas. In the first six months of the year, there were over 150 sales of £1m+ properties agreed across Bath and North East Somerset, which is 51% higher than the same months of 2019 according to data from TwentyCi. These levels of transactional activity have eaten into levels of stock available and created a strong seller’s market which, in turn, has driven upward pressure on prices; particularly for prime property in the villages surrounding Bath whose prices have risen by +13.2% in the year to June. In comparison, in the city where demand has largely focussed on larger houses with gardens, the value of prime properties increased by +6.2%, where demand has focussed on larger houses with gardens. Looking forward, the pace of the vaccination programme, continued low-interest rate environment and current levels of unmet demand all bode well for the remainder of 2021. The prolonged experience of lockdown is likely to continue shaping both the levels and nature of demand for prime homes. However, as social distancing measures relax, we expect a rebalancing between the town and the country markets – with a shift back towards Bath itself. This is already evident by rising property values here, with prices increasing by +2.4% between April and June."

KeyAverage transaction values in the 12 months to March 2021

Below £200,000 £200,000 to £400,000 £400,000 to £600,000 £600,000 to £800,000 Over £800,000

Lucian Cook Head of Residential Research +44 (0) 20 7016 3837 [email protected]

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George Nares Country House Department +44 (0) 20 7016 3822 [email protected]

"We have known the owner of this historic manor house for about 10 years. The property has stunning formal gardens and three additional cottages, but our client had been looking to relocate and find something more manageable. Up until last year, the country house market had not been favourable, but as buyers started engaging with rural properties again throughout 2020, we saw that this was a great opportunity for our client to finally make their desired move. As part of our marketing plan, we teamed up with our Country House Department in London to generate maximum interest. With the guide price set at £3.75 million, we carried out 20 viewings and the house sold to a buyer from Cambridge within a few months."

ALLINGTON, CHIPPENHAM A Grade II listed countryside retreat connects with a perfect partner.

Making connections Our local and national network can find the right buyer for your property

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ROYAL CRESCENT, BATHA stunning property in Bath’s iconic crescent achieves record price.

"Situated at the heart of this world-renowned address, this townhouse is arranged over five principal floors and has the benefit of the original coach house and stables. We know this impressive property well and it went on the open market at a guide price of £5.75 million. It was the highest price for a house in Bath during the past 12 months, but with its superb location and proportions, we were confident there would be widespread interest. Bath has always appealed to London buyers, and the number of prospective buyers from the capital has accelerated during the past year. The property was sold to a family moving from Clapham Common who are delighted about moving into such an iconic setting."

Market knowledge We understand what buyers are looking for so can get the best result for your sale


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"Although it’s a relatively small three-bedroom detached house, this property’s potential was immediately apparent to us. Not only is it located in 3.2 acres, the house also backs on to National Trust land, creating a unique opportunity to develop a home in the city that has the feeling of being in the countryside. As the city of Bath is a UNESCO World Heritage site, opportunities to develop are extremely rare. We set a guide price of £1 million to attract strong engagement and held a series of open houses. After 28 viewings we received 16 best and final offers and the property sold for 35% more than the guide to local buyers who clearly recognised the significance of this opportunity."

Local experts Our local offices are specialists in your area and recognise the issues that are important to you

Jack King Residential Sales +44 (0) 1225 474 546 [email protected]

SMALLCOMBE NURSERIES, BATH A rare development opportunity leads to the sale achieving 135% of guide price.

+12.3% The price growth in the

£2m+ country house markets the year to June 2021.

National coverageActivity influencing

the wider UK market

+72%The increase in the number of sales of £1m+ property agreed across the country

as a whole in the first six months of 2021 (compared to the

same months in 2019).

The right buyer for your property may already live in Bath or the surrounding area. Often, they’re moving here from London, the Home Counties or other parts of the UK in search of highly regarded schools, value and the area’s green spaces. Wherever they may be coming from, we’ll help them find your property. Thanks to Savills global network of offices, your property is visible across the UK and internationally. Each of our offices is dedicated to its local market and understands its attraction and unique features. And once you’ve sold your property, we’re here to help you move on to the next stage of your journey. Even if you are not looking to move soon, we are happy to provide a free appraisal of your property. Our virtual options are still available if you prefer.

O U R S E R V I C E T O YO U

+8.5% The price growth across the

prime housing markets outside of London in the year to

June 2021.

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PRIME TIMESince June 2020, the number

of sales of £1m+ homes agreed each month has been between 60% and 95% above levels seen

in the period 2017 to 2019.

R E M O VA L S

Savills BathEdgar House

17 George StreetBath BA1 2EN

+44 1225 474 500

Luke Brady Head of Office +44 (0) 1225 474 501 [email protected]

Jack King Residential Sales +44 (0) 1225 474 546 [email protected]


Olly Gerrish Residential Sales +44 (0) 1225 474 547 [email protected]

Tony Perry Residential Sales +44 (0) 1225 474 542 [email protected]

Carly Cooke Residential Sales +44 (0) 1225 474 541 [email protected]

Emma Hiscox Residential Sales +44 (0) 1225 474 543 [email protected]

George Nares Country House Department +44 (0) 20 7016 3822 [email protected]

Documents

BATH PROPERTY BRIEFING