Bath is by far one of the most popular cities to move to in the entirety of the UK. It has the same intense beauty as other cities like central London but a slower, more intimate feel which makes it perfect for those looking for somewhere to slow down and settle down. Between its stunning World Heritage Central, and its picturesque outer towns and villages, there are numerous destinations you too can call home.
Between its beauty, its culture, and its more relaxed way of life, it is no wonder that so many have flocked to this city to buy, buy, buy. Interest and demand have steadily ramped up in the city since 2011, and today the average price for a terraced or detached house in Bath has now hit the £500,000 mark.
Understanding the market, the communities available, and what areas are set for redevelopment can help you get into Bath and make it your home. To do this, you need knowledge, with this guide being the perfect primer to get started:
Bath: The Ultimate Commuter Town for Hybrid Working
First things first, with prices as high as they are in Bath, you must still get to work and make a high income. Thanks to Hybrid and even remote working, this now means that Bath is firmly within the realm of possibility. The train from Bath to London is now fully electrified and can get those living in Bath to the capital in less than an hour and a half. While this is a long commute every day, it is possible for someone to go in once or twice a week.
In fact, it is that mindset that is responsible for a huge portion of the sales is from those who live outside of Bath and looking to relocate or even downsize. International buyers make up another significant portion of property purchases, particularly among properties in the £2 to £4 million price tag range, a move many attribute to the high-flying popularity of Bridgerton.
It is a Top Go-To Place for Returning Expats
Expats from Hong Kong, Dubai, and other top destinations have been returning home to the UK in large numbers. This is mostly due to the agreement between the UK and China in regard to Hong Kong finally ending. With many from Hong Kong returning, they need a home, and a top choice for that home is Bath.
There’s Large New Developments Underway
For those of you who cannot afford the multi-million-pound properties, do not worry. It is not just buyers that have noticed the stunning beauty of Bath and its surrounding areas. Developers have also taken an interest, though they have an eye on the demand. That’s why huge new developments are coming to light, so newcomers can enjoy new-build and their associated schemes to help them get onto the property ladder. For example, there is one at Holburne Park on the redeveloped former Ministry of Defence site. These properties start at around £580,000.
Mortgages are Starting to Stabilise
One of the most important things to consider when it comes to buying in Bath is the mortgage. Mortgages may still be high, but they are starting to stabilize. If you can afford it, getting in on the housing market now can help you get a property while demand is a touch dampened. Once the market stabilizes properly, there is a good chance that it will only start to increase like it did in the past. Sure, there may be a brief crash, but if you want to have the most chance at getting a property without a bidding war, then looking into your options now, and seeing what Zest Sales & Lettings in Bath have to offer, is still a smart strategy.
People are desperate to get on the property ladder, especially as living and renting costs are only getting higher. This panic has meant that the demand for homes has been massive, and supply just cannot keep up. Getting your affairs in order, setting serious savings goals, and looking to new builds to take advantage of any property schemes can help you get that essential leg up on the property ladder.
“We’re seeing increasing numbers of returning expats and international buyers targeting cities like Bath for their long-term home,” says Louis Levine, Mortgage Broker at UK Expat Mortgage. And despite fluctuating rates, lenders are offering more flexible terms for expats than we’ve seen in previous years.
Bath Alternatives
The area around Bath is full of amazing options as well. Bristol is a great option for those hoping for something a touch more affordable. For those who want more rural luxury and space, the villages of Bradford-Upon-Avon, Monkton Farleigh, and Winsley are some of the best of the best.
Images courtesy of unsplash.com and pexels.com
