Over the last couple of years, there has been craziness and uncertainty within the national property market, so it will be of no surprise that there have been fluctuations locally within the niche apartment sector. If you’re looking to buy, sell, rent or let an apartment in Bath, it is good to understand what is happening at the moment so that you can make the right decision for you. As a niche estate agent, we have a detailed and specific insight into the local apartment market – let us share our recent findings and current trends.
There is no easy way to say this except to be honest and to the point: apartment sales in Bath are struggling. We are still seeing properties come on to the market and they are eventually moving, but as a seller you need to be realistic. The pandemic has caused a change in thinking for buyers in terms of what they want from a property, and working from home is now becoming the norm for many. Although this may be the current situation, we know that there are ebbs and flows in all property markets and we look forward to the return of apartment buyers to our beautiful city.
This is certainly a different story – apartments are flying as soon as we list them. Our lettings team are constantly inundated with potential tenants looking for a new home, and the honest truth is at the moment we don’t have enough to meet the demand. This peak in the Bath lettings market is following the national trend identified in the ARLA / Propertymark July PRS report, which stated that ‘demand from tenants is the highest ever on record during July.’ We have not seen this demand ease since, but instead slightly increase as children have returned to school and universities’ academic year has started.
When it comes to the Bath apartment lettings market, tenants are seeking quality. They want apartments that have been well maintained, where décor is fresh and the condition is of a high standard. Tenants are willing to pay a premium to acquire the standard of home they are seeking and will often compromise on other factors, such as location.
With the changes that landlords have faced in recent years, the number of landlords in the private sector has decreased. In fact, the ARLA / Propertymark July PRS report stated:
“The number of landlords selling their buy-to-let properties increased marginally during July to five per branch, from May’s figure of four per branch. Year-on-year this figure is slightly above last year, when there were four landlords selling their buy-to-let property in July.”
This decrease in buy-to-let properties has had a knock-on effect. Research by Hometrack UK found that, ‘in the year to date, rental demand is up 19% compared to last year, while the total stock of rental property is down 13%.’ This resurgence of demand has seen rent pushed up, with rents in the Southwest having increased by 7.5%, according to the Zoopla rental index.
The news of such a strong rental market in Bath will be music to the ears of landlords and could also be of interest to those homeowners considering letting their property. If you are thinking of letting or selling your home in Bath and want an honest insight into the local market and your proposed property plans, our teams are here to help.