Saturday, February 24, 2024
Real EstateUK

Homebuyer demand surged in the first quarter

Homebuyer

In terms of the highest levels of homebuyer activity, Bristol ranks top with 76% of all homes listed already under offer or sold subject to contact, according to GetAgent.co.uk

Homebuyer demand surged in the first quarter although London remained off the pace, the latest Homebuyer Demand Hotspots Index from estate agent comparison site GetAgent.co.uk reveals.

The index is based on the number of properties that are already marked as sold subject to contract or under offer as a percentage of all homes listed across the major property portals.

It found the biggest uplift in buyer interest has been in Bournemouth, where demand has surged by 20% in Q1 alone. Oxford also saw one of the largest uplifts at 11%, as has Newcastle (8%), Swansea, Cambridge, Plymouth, and Leeds (7%).

In terms of the highest levels of homebuyer activity, Bristol ranks top with 76% of all homes listed already under offer or sold subject to contact. Glasgow (74%), Sheffield (73%), Leeds and Plymouth (71%) are the other hotspots.

However, GetAgent said that with the ongoing uncertainty caused by COVID, London homebuyers remain more cautious. Overall, buyer demand in the capital sits at just 46% having crept up 3% since the final quarter of last year.

Newham and Brent were the only two boroughs where demand remained static, while every other London borough has at least enjoyed some positive movement in homebuyer activity.

Bexley has seen the largest quarterly uplift at 14% and is home to the largest level of current buyer demand (74%). Havering, Hounslow, Hillingdon and the City of London have seen the next largest uplift since Q4 of last year at 5%.

However, along with Westminster (15%) and Kensington and Chelsea (19%), the City of London ranks as one of the coldest spots in the capital for current homebuyer demand with just 27% of all homes listed selling in current market conditions.

Colby Short, founder and CEO of GetAgent.co.uk, said: There’s been no let-up for a UK property market fuelled by the stamp duty holiday with a further increase in homebuyer demand during the first quarter of this year.

Short said the approaching deadline no doubt dampened this demand to a degree and with an extension now in place, we expect to see further increases over the next two quarters of this year at the very least.

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