Market momentum continuing to build

Posted on Wednesday, January 10, 2024

Buyer demand across England crept up by 0.3% in the final quarter of 2023, although it remained -6.7% versus Q4 2022.

GetAgent’s Hotspots Demand Index 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. E.g, if 100 homes are listed and 50 are already sold, the demand score would be 50%.

The latest index shows that across England, buyer demand levels sat some -6.7% lower during the final quarter of 2023 when compared to Q4 2022. However, they did increase marginally on a quarterly basis, up 0.3% between Q3 and Q4 of last year.

Annual Picture

Just one area of England saw positive movement year on year. Across the City of London, buyer demand climbed by 2.4% in Q4 on an annual basis.

Durham saw the largest annual decline in buyer demand levels at -15.7%, followed by Suffolk (-10.9%) and Cheshire (-10.7%).

Quarterly signs of positivity

While overall demand only crept up by 0.3% on a quarterly basis, there are far more prominent signs of growing market momentum at the county level.

Rutland saw buyer demand increase by 3.8% in Q4 when compared to the previous quarter.

Both Buckinghamshire and Berkshire also showed strong signs of growth at 3.4%.

Surrey (+2.8%), Hertfordshire (+2.5%), East Sussex (+2.4%), Bristol (+2.2%), London (+2.1%), Oxfordshire (+2.1%), Essex (+2.1%) and Bedfordshire (+1.9%) also rank within the top 10 largest uplifts in buyer demand on a quarterly basis.

Co-founder and CEO of GetAgent.co.uk, Colby Short, commented: “Our latest index very much echoes wider industry data on market performance during the closing stages of 2023.

"While the landscape remains largely subdued, there are green shoots of positivity starting to show and in some areas, these shoots are growing at a far swifter rate than the national picture alludes to.

"Although the market is yet to spring back into action when viewed on an annual basis, there’s no doubt that things are improving and this puts us in a great position as we enter the new year.”

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