Good news for anyone thinking of selling their home – buyer demand is bouncing back! After a tough year for the property market, new figures show that more and more people are looking to buy, with demand seeing its biggest jump since 2021.

Demand Climbs Across England

The latest data from property experts GetAgent reveals that the number of house hunters pounding the pavement (and scrolling through Rightmove!) is on the up. Across England, 44.2% of homes listed for sale in the second quarter of this year (April to June) were snapped up.

This might not sound like much, but it’s an increase of 2% compared to the first three months of the year – the biggest quarterly leap since interest rates began their upward march back in late 2021.

Northumberland Tops the Charts for Buyer Interest

So, where in England is hottest for property right now? Northumberland takes the crown, with a whopping 5.4% surge in buyer demand compared to the previous quarter.

Yorkshire and the East Midlands are also proving popular with house-hunters, with South Yorkshire seeing a 4.2% jump and Bedfordshire and Leicestershire both experiencing a 4% rise in demand.

Annual Picture Still Positive

While buyer demand nationally is still slightly down compared to this time last year (by a tiny 0.4%), some areas have seen impressive annual growth. Bedfordshire again leads the way with a 5.4% increase in demand compared to a year ago, followed closely by London at 5.2%.

Experts Predict Further Growth in Buyer Activity

So, what’s behind this renewed appetite for property? Colby Short at GetAgent puts it down to a renewed sense of confidence in the market. With interest rates stabilising and even the possibility of a rate cut on the cards, buyers are sensing an opportunity.

“The likelihood is that buyer market activity will only increase as the year plays out,” says Short. He reckons this is great news for sellers, giving them a prime chance to get a good price for their property.

Sellers Urged to be Realistic on Price

However, Short also sounds a note of caution for sellers, warning against getting carried away and setting unrealistic asking prices. Although buyer interest is growing, many are still feeling the pinch of higher mortgage costs.

“Appropriate pricing for current market conditions remains one of the biggest challenges,” warns Short.

So, there you have it – signs of life in the property market, with buyers returning and demand on the rise. If you’re thinking of selling, now could be the time to get your property on the market! Just remember to be realistic about the price you set and listen to the advice of your estate agent.