As 2023 drew to a close, the property market in England witnessed a remarkable upswing. In the final quarter of the year, the number of homes listed online and marked as ‘sold subject to contract’ (SSTC) leaped by 7%. That’s a staggering 277,115 homes changing hands, or in simpler terms, about 18,000 more eager homeowners making their dream purchase compared to the start of the year, according to Benham and Reeves.
Mortgage Market Bounces Back
The Bank of England has shared some positive news, signaling a rise in mortgage approvals. This increase in lending has been echoed by housing giants Halifax and Nationwide, who have observed growth in their house price data. This isn’t just a flicker of hope but a strong indication that more people are getting the green light from banks to buy homes.
Regional Hotspots
Not all of England is heating up equally in the property game. Out of 48 counties, 32 have seen a surge in SSTC homes. Leading the pack is Bedfordshire, with a whopping 15.3% increase in home sales from the first to the last quarter of 2023. Rutland isn’t far behind, boasting a 14.5% rise. Buckinghamshire (+9.7%), Berkshire (+9.2%), Oxfordshire (+7.6%), Somerset (+7.5%), and Kent (+7.3%) are also among the top performers.
Even London, often in its own league, marked a significant increase of 7.1%. The West Midlands (+6.9%) and Isle of Wight (+6.8%) are also in the top 10, showing that the property buzz is spreading far and wide.
Expert Insights
Marc von Grundherr, from Benham and Reeves, is optimistic about the future. He said, “Numerous market indicators now suggest that the property market is poised to go from strength to strength in 2024. Having seen mortgage market activity build towards the back end of last year following a freeze on interest rates, we’re now seeing this activity translate into an uplift in the number of homes going under offer and selling subject to contract. The rental market also remains extremely busy and we’re continuing to see demand from tenants exceed the level of stock available to them.”