Bath and Somerset Property Market Comment
Amanda Ake
General market comment
The property market across Bristol, Bath, Wells, Frome and the wider Somerset area continues to feel the effects of a more uncertain economic backdrop. Higher interest rates and broader global and political factors have all played their part over the past year or so.
What feels more evident now is a market that has eased rather than stalled. Prices in many areas have softened slightly, and sellers are generally having to be more measured in their expectations from the outset.
In Bristol and Bath, the underlying fundamentals remain strong, supported by employment, education and long-term demand. That said, the market feels more selective than it did a couple of years ago, with correctly priced homes still achieving good levels of interest, and overambitious pricing being more quickly tested.
In places such as Frome, Wells and the wider Somerset towns, there continues to be steady demand, particularly from lifestyle movers. Relative value compared to the cities remains a key driver, and well-presented homes in the right locations are still finding buyers, albeit with a more considered pace.
For buyers, the current conditions offer a little more breathing space than we have seen recently. There is more choice available, and in many cases a greater willingness from sellers to engage on price.
It doesn’t feel like a distressed market, but it does feel more balanced. For those looking to take their time, assess properly and negotiate sensibly, it is arguably a more workable environment than the headline sentiment might suggest.