As 2023 wrapped up, a subtle yet promising change swept across the English housing market. In the last quarter (Q4) of the year, a slight uptick in buyer demand was observed, hinting at a potential shift in the mood.
In Q4 of 2023, England experienced a 0.3% increase in buyer demand compared to the previous quarter. However, when compared to the same period in 2022, the numbers tell a different story: demand was still 6.7% lower than in Q4 of the previous year. This mixed scenario offers a nuanced view of the market’s recovery pace.
In a remarkable deviation from the general trend, the City of London emerged as a unique hotspot. Here, buyer demand rose by 2.4% on an annual basis, marking a significant contrast to the broader English market.
Areas Facing a Downward Trend
Not all areas shared in this modest revival. Durham experienced the most considerable annual drop in buyer demand, falling by a stark 15.7%. Suffolk and Cheshire weren’t far behind, witnessing declines of 10.9% and 10.7%, respectively.
GetAgent’s Homebuyer Hotspots Demand Index, a tool for monitoring homebuyer demand across England, was the source of this data. The index calculates demand based on the percentage of properties listed for sale that are either sold subject to contract or under offer.
County-Level Resurgence
Despite the overall marginal increase in demand, certain counties displayed more pronounced signs of recovery. Rutland led the way with a 3.8% rise in Q4 compared to the previous quarter. Buckinghamshire and Berkshire also showed strong growth, each with a 3.4% increase.
Other counties like Surrey, Hertfordshire, East Sussex, Bristol, London, Oxfordshire, Essex, and Bedfordshire featured in the top ten for the largest quarterly uplifts in buyer demand.
Expert Insights from GetAgent
Colby Short, co-founder and CEO of GetAgent, reflected on these findings, noting their alignment with broader market data. He highlighted the emergence of positive signs, albeit gradual, in certain areas, contrasting with the overall subdued market landscape.
Short remained optimistic, suggesting that the market is showing signs of improvement and is well-positioned as we step into the new year, despite not having fully bounced back on an annual basis.