Initial pricing still the key to a successful sale in Bath: Carey Gilliland of @Madison_Oakley
The Bath property market is a bit of a study in contradictions at the moment. Depending on where you look for data, you could infer that transaction levels are low and selling times are lengthening. Equally, buyer activity in certain sections of the market is extremely high – at Madison Oakley, we have enjoyed sale levels since January to such an extent that (at the time of writing in April) we appear to have agreed more sales than any other estate agent in the city, which isn’t bad from our little base in amazing Moorland Road!
So, lets look at a few headline figures on the overall Bath market. The latest Land Registry figures out – summarizing transactions from Aug 2018 to Jan 2019 – shows sale volumes across Bath down by between 2% and 6% year on year and prices fluctuating from 1.2% down to 2.6% up dependent on postcode. The average time on market is rising but still nowhere near peak levels over the previous two years. The supply level follows a similar picture – rising but not yet to match the stock numbers of mid 2018. Over the last two months, sales agreed by all agents in Bath have totalled between 155 and 170 per month, which could mean approximately 20% of available property is going under offer at any time.
However, one factor almost all the stats agree on is that correct initial pricing remains absolutely key to success. If you’re after an efficient Spring move, you may want to examine how prevalent price reductions are amongst the agents you invite to value your home. From a brief analysis on new instructions vs reductions over three months, it seems the chance of you being asked at some point to reduce your asking price might be as high as 57% with some.