HOME TRUTHS ABOUT THE LOCAL MARKET - Savills
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B AT H PROPERTY BRIEFING HOME TRUTHS ABOUT THE LOCAL MARKET
SUMMER 2021 Property profile
Factors shaping
the local market
YO U R LO C A L
MARKET
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 £825,624
the end of June, we registered 93% more new buyers compared to The average house price
the same period last year, which has translated into 110% more in the electoral ward of
sales agreed. Interestingly, none of these buyers expected to Lansdown, the fourth most
complete before the end of the stamp duty holiday in June (with expensive location in South
tapered relief until the end of September), which suggests that the West England in 2020.
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. 21%
Traditionally, the local market has been driven by city property, The proportion of buyers
but the demand for more inside and outside space has seen the in the local prime market
countryside market bounce back. For 2021, 60% of our sales have coming from London in the
been in the surrounding villages and countryside. year to April 2021.
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 +8.1%
properties. Of course, homes with outside space are in high The price growth of prime
demand, but best in class properties are proving to be where properties in the local area in
Source: Savills Dealbook Data, Savills Research and TwentyCi
the market is focussed. the year to the end of June,
This level of interest is good news for our sellers. The number the strongest growth being
of viewings needed to get an offer has fallen by 40%, while 32% for village properties.
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 60%
broker that interest and find the best buyer and best price for you. The proportion of sales this
So, whether you are thinking of selling your home or buying your year that have been in Bath’s
next one, we’d be delighted to talk to you.” surrounding villages
and countryside.
51%
The increase in the number
of sales of £1m+ properties
between January and June,
Luke Brady Matthew Pegler compared to the same
Head of Office Director of Residential Sales period in 2019.
+44 (0) 1225 474 501 +44 (0) 1225 474 503
lbrady@savills.com mpegler@savills.com
2 — SAV I LLS .CO.U K
PROPERTY VALUES ACROSS BATH AND THE SURROUNDING AREA
As social distancing measures relax, the town and country markets will rebalance and support price growth in the city.
Source: Savills Research using Land Registry, TwentyCi and Savills Prime Property Index
"Since the housing market reopened last year, we’ve seen a surge Key
in demand for prime property across the area served by our Bath office, Average transaction
as people reassessed their lifestyle priorities and housing requirements. values in the 12 months
Despite the depth of the prime housing market in the city, this to March 2021
Below £200,000
increased demand has been largely driven by people looking to relocate
£200,000 to £400,000
from London and the South East of England to villages and rural areas.
£400,000 to £600,000
Lucian Cook In the first six months of the year, there were over 150 sales of £1m+ £600,000 to £800,000
Head of properties agreed across Bath and North East Somerset, which is 51% Over £800,000
Residential Research higher than the same months of 2019 according to data from TwentyCi.
+44 (0) 20 7016 3837 These levels of transactional activity have eaten into levels of stock
lcook@savills.com 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."
3 — SAVILLS.CO.UK
"We have known the owner of this historic manor house Making connections
for about 10 years. The property has stunning formal Our local and national
gardens and three additional cottages, but our client had network can find
been looking to relocate and find something more the right buyer for
manageable. Up until last year, the country house market your property
had not been favourable, but as buyers started engaging
George Nares with rural properties again throughout 2020, we saw that
Country House Department this was a great opportunity for our client to finally make
+44 (0) 20 7016 3822 their desired move. As part of our marketing plan, we
george.nares@savills.com 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.
4 — SAVILLS.CO.UK
ROYAL CRESCENT, BATH
A stunning property in Bath’s iconic crescent achieves record price.
"Situated at the heart of this world-renowned address, Market knowledge
this townhouse is arranged over five principal floors and We understand what
has the benefit of the original coach house and stables. buyers are looking
We know this impressive property well and it went on for so can get the best
the open market at a guide price of £5.75 million. It was result for your sale
the highest price for a house in Bath during the past
Matthew Pegler 12 months, but with its superb location and proportions,
Director of Residential Sales we were confident there would be widespread interest.
+44 (0) 1225 474 503 Bath has always appealed to London buyers, and the
mpegler@savills.com 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."
5 — SAV I L L S .CO.U K
SMALLCOMBE NURSERIES, BATH
A rare development opportunity leads to the sale achieving 135% of guide price.
"Although it’s a relatively small three-bedroom detached Local experts
house, this property’s potential was immediately apparent to Our local offices are
us. Not only is it located in 3.2 acres, the house also backs on to specialists in your
National Trust land, creating a unique opportunity to develop a area and recognise
home in the city that has the feeling of being in the countryside. the issues that are
As the city of Bath is a UNESCO World Heritage site, important to you
Jack King opportunities to develop are extremely rare. We set a guide
Residential Sales price of £1 million to attract strong engagement and held a
+44 (0) 1225 474 546 series of open houses. After 28 viewings we received 16 best
jack.king@savills.com and final offers and the property sold for 35% more than the
guide to local buyers who clearly recognised the significance
of this opportunity."
6 — SAV I LLS .CO.U K
National coverage
Activity influencing
the wider UK market
OVA
LS OUR SERVICE
REM
TO YO U
+72% The right buyer for your property may
The increase in the number
already live in Bath or the surrounding
of sales of £1m+ property
agreed across the country area. Often, they’re moving here from
as a whole in the first six months London, the Home Counties or other
of 2021 (compared to the
parts of the UK in search of highly
same months in 2019).
Source: Savills Research, Twenty Ci, Savills June buyers and sellers survey
regarded schools, value and the area’s
green spaces. Wherever they may be
+8.5% coming from, we’ll help them find
The price growth across the
prime housing markets outside your property. Thanks to Savills global
of London in the year to network of offices, your property is
June 2021.
visible across the UK and internationally.
Each of our offices is dedicated to
+12.3% its local market and understands its
The price growth in the
attraction and unique features. And once
£2m+ country house markets
the year to June 2021. you’ve sold your property, we’re here to
help you move
on to the next stage of your journey.
PRIME TIME
Since June 2020, the number Even if you are not looking to move
of sales of £1m+ homes agreed soon, we are happy to provide a free
each month has been between
appraisal of your property. Our virtual
60% and 95% above levels seen
in the period 2017 to 2019. options are still available if you prefer.
7 — SAV I L L S .CO.U K
Savills Bath
Edgar House
17 George Street
Bath BA1 2EN
+44 1225 474 500
Luke Brady Matthew Pegler Jack King Olly Gerrish
Head of Office Director of Residential Sales Residential Sales Residential Sales
+44 (0) 1225 474 501 +44 (0) 1225 474 503 +44 (0) 1225 474 546 +44 (0) 1225 474 547
lbrady@savills.com mpegler@savills.com jack.king@savills.com olly.gerrish@savills.com
Tony Perry Carly Cooke Emma Hiscox George Nares
Residential Sales Residential Sales Residential Sales Country House Department
+44 (0) 1225 474 542 +44 (0) 1225 474 541 +44 (0) 1225 474 543 +44 (0) 20 7016 3822
tperry@savills.com carly.cooke@savills.com emma.hiscox@savills.com george.nares@savills.com
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