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Does Bath have an ‘average’ homebuyer? Alex Bowater Branch Manager at andrews

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he UK holds an intriguing interest in property. On the onehand, we talk of the state of ‘the market’ as if it might be a single entity, whilst all the time knowing and acknowledging that it is anything but, and that what you can buy in one part of the country varies vastly to what is affordable elsewhere. Indeed, it’s not just the market itself which varies but the shape and size of those homebuyers who operate within it. From single first-time buyers who might require help from the bank of Mum and Dad, through to second-steppers, down-sizers and professional buy-to-let investors looking for multiple properties, the ‘typical’ purchaser simply doesn’t exist… Or at least not on a nationwide scale. Whilst there has, in fact, been a decline over the last twenty years in homeownership and a shift towards renting, the government’s Help to Buy equity loan scheme has helped increase owner occupation, especially amongst first time buyers. This is reflected here in Bath as the most popular type of household is currently those deemed to be ‘young and single’, although the average age of a first-time buyer in the city is, in fact, 35 – a figure which has risen by three years in the past decade. Of course, this only scratches the surface of the local property market and along with first-time buyers, the city also attracts numerous

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homebuyers who are families. Indeed, it’s a city popular in this respect and it is estimated that there are almost 10,000 families here with one or two children, and almost 2,000 more with three or more children. Added to this, of course, is the fact 24% of all local people own a car and 5,000 families in Bath owning two or more. This affects the type of properties which are in demand and properties with driveways or secure parking are always popular. However, it will come as no surprise that in many areas of the city, purchasers do have to settle for on-street parking. These families in Bath will often spend as much as 64% of their earnings on a mortgage and so being confident in buying the ‘right’ property is absolutely vital. Terraced homes with at least three bedrooms remain a firm favourite here and there’s always strong interest in those which come to the market. A great example would be this bay-fronted period property in the sought-after Camden area of Bath that offers families four bedrooms and close proximity to a range of amenities and highly regarded schools. See: Andrewsonline.co.uk

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The Bath Magazine May 2019  

The Bath Magazine is Bath’s biggest monthly guide to life and living in the city of Bath

The Bath Magazine May 2019  

The Bath Magazine is Bath’s biggest monthly guide to life and living in the city of Bath