Bath is considered to be one of the most unique cities in the UK and one of the best to live in England.
This UNESCO World Heritage site, with its vibrant culture, rich history, stunning architecture, excellent schools and hot springs make it an attractive place to relocate with the family and enjoy a much better quality of life.
Located 100 miles west of London, this beautiful city can be reached in just 90 minutes, making it easily commutable, yet offering more affordable properties than the capital city.
Despite the numerous advantages the city offers its residents, some people are deterred by Bath’s reputation of having some of the highest-priced properties in the country.
Today we’d like to share our trusted, professional opinions and expertise to explain the truth about house prices in Bath away from any sensationalist media articles that you may have read about the housing market in the city.
What is the average price of a home in Bath?
The average price of a home in Bath was £674.274 according to last year’s figures.
If we compare this with figures from the UK Land Registry House Price Index, we can see that this is indeed significantly more than the UK average of £294,329.
However, it’s important not to be blinded by statistics. After all, individual house prices do depend on what type of property was sold, whether it was a listed building, where in the city it was located, the number of bedrooms and bathrooms, the condition of the property, and so on.
For example, the majority of these properties in Bath were terraced properties reaching an average of £572,866. Semi-detached properties sold at an average of £645,300 and flats at £353,479. In other words, despite a high average, the median house price is closer to the national figure.
When we compare this with the average price of a home in London (£543,099 in 2022), we can see that the average house price in Bath is indeed among the highest in the country.
If you dream of buying a property on the iconic Royal Crescent in Bath, you will need to have deep pockets indeed. One of these Grade I listed, eight-bedroom townhouses recently came onto the market at a jaw-dropping £4.5 million.
Of course, one of the problems with average house prices is the fact that it doesn’t take into account the range of prices available on the market.
With properties like the above on the Royal Crescent selling for such a substantial sum of money, the average figures for homes in Bath are likely to appear much higher than the reality for most.
For example, we have many gorgeous high-end properties on our books that fall around the £400,000- £500,000 range and are ideal for many people looking to improve their quality of life with a move to Bath.
Having said that, the average house price in Bath is indeed increasing with last year’s prices up 17% compared to the year before.
Why are property prices in Bath so high compared to the rest of the country?
Given its rich history, stunning architecture, high standard of living and the gorgeous green Somerset countryside that surrounds Bath, it’s hardly surprising that the average house price here continues to climb.
In addition, there are a couple of factors which have pushed these prices even higher.
Low supply, high demand
While the housing market in the UK suffered significantly over previous years, Bath hasn’t seen the same trend. Instead, we continue to see plenty of new properties listed every day.
In part, this is due to the high numbers of individuals and families who decided to move away from the capital to enjoy larger homes set in rural locations. Although the pandemic is largely over, this trend looks set to continue throughout coming years as Bath is a highly affordable and commutable city and provides everything second-home buyers look for when choosing a holiday property.
We’ve also seen many expats return to the area after time spent in places like Hong Kong, Singapore and Dubai who can afford local prices and are seeking a stunning, vibrant location to return to.
It’s also down to the topography of Bath, where steep hills make for difficult building conditions, and Bath’s location in the Cotswold Area of Outstanding Natural Beauty, which means that in recent years there has not been as much expansion of housebuilding around Bath as in other cities.
This means that there is a high demand for properties in Bath yet fewer people looking to sell. As financial experts, Investopedia explain, “When there is a high demand for a good or service, its price rises. If there is a large supply of a good or service but not enough demand for it, the price falls.”
In short, prices are higher in Bath because it is one of the most beautiful and sought-after locations in the UK. Supply and Demand.
High-end new build developments
We’ve also seen many high-end new build developments in the area over recent years that further elevate the average price of a home in Bath. Despite this, there is still more affordable housing available for those who are clear on their requirements and have a specific budget in mind.
Will house prices continue to increase in Bath?
Given the beauty of the city and surrounding area, the ease of the commute to the capital city and historical housing market data, it looks likely that the average price of a home in Bath will continue to rise.
This means that if you’re considering a move to Bath, Somerset, Wiltshire or even Bradford on Avon, we highly recommend you start your search now before prices increase any further.
House prices in Bath are among the highest in the UK because of the city’s outstanding and unspoilt beauty, high quality of living, excellent work opportunities and schools, green space and vibrant cultural scene.
The ongoing high demand and low supply alongside ever rising prices means that this looks set to continue over the coming years and decades.
If you want to relocate to Bath, we recommend that you start your search now.
Need expert guidance on your house move to Bath? Contact us today.