Following a quarterly decline in Q3, buyer demand picked up in Q4, increasing 2% quarterly and sitting some 4.2% higher on an annual basis, according to the latest Homebuyer Hotspots Demand Index by estate agent comparison site, GetAgent.co.uk, which monitors homebuyer demand across England on a quarterly basis.
Current demand is based on the proportion of stock listed as already sold (sold subject to contract or under offer) as a percentage of all stock listed for sale.
The latest index shows that demand for sales homes in England stood at 45.9% in Q4 2024. This marks an increase of 2% on the previous quarter, with buyer appetites remaining +4.2% higher today versus Q4 of last year.
The English county to record the largest quarterly increase in sales demand was Hertfordshire where Q4 2024 saw a demand uptick of +4.8% compared to Q3.
Surrey ranked as the second hottest spot of the market on a quarterly basis, with demand having increased by +4.6%, with Bristol (+4.4%), Wiltshire (+4.1%) and West Sussex (+3.8%).
Berkshire, Buckinghamshire, Oxfordshire, Hampshire and Essex also make the top 10 with respect to the highest increases in quarterly buyer demand levels.
When comparing the current market to this time last year, Bedfordshire has seen the largest annual increase in demand, up 10.4% in Q4, 2024 versus Q4, 2023.
Leicestershire (+8.4%), Cheshire (+7.2%), Northamptonshire (+6.9%) and Tyne and Wear (+6.9%) also rank within the top five largest annual increases.
The co-founder and CEO of GetAgent.co.uk, Colby Short, said: “2024 proved to be a positive year for the property market, however, we simply didn’t see the reduction in interest rates expected and this meant that mortgage rates remained far higher than today’s buyers have become accustomed to in recent years.
“Whilst this will have certainly continued to restrict homebuyers financially, it certainly didn’t dampen their enthusiasm and we’ve seen the market rally in Q4, with an increase in demand levels pretty much across the board.
“Of course, one significant reason for this will be the Autumn Budget and the stamp duty deadline imposed as a result of the government’s failure to extend current relief thresholds. We expect this will continue to drive demand over the coming months, with a correction seen in Q2, albeit this correction should only be momentary.”
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