Recent research unveiled a slight increase in buyer demand across England in the final months of 2023, though still showing a decline compared to the previous year, according to a report released by GetAgent.
The data from GetAgent’s Hotspots Demand Index highlighted a 0.3% rise in demand during the last quarter of 2023. However, this uptick remained subdued, showing a 6.7% decrease in comparison to the same period in 2022.
Examining buyer activity across England, only one region, the City of London, displayed positive movement year-on-year, with a 2.4% increase in buyer demand during the fourth quarter. Conversely, areas like Durham, Suffolk, and Cheshire experienced substantial annual declines in buyer interest, with Durham marking the largest drop at 15.7%.
While the overall increase in demand was marginal in the quarterly analysis, GetAgent pointed out more promising signs at the county level. Rutland showed a notable increase of 3.8% in buyer demand, with Buckinghamshire and Berkshire following suit with strong growth at 3.4%.
Co-founder of GetAgent, Colby Short, commented, “Our latest index reflects the broader industry data, indicating a subdued market performance towards the end of 2023. However, there are indications of optimism emerging, especially in specific regions where growth rates surpass the national average. Despite the annual market activity showing restraint, improvements are noticeable, setting a positive tone for the upcoming year.”
The observed trends align with the Propertymark Housing Insight Report, where members reported a decline in both property supply and buyer demand during November. The report revealed a 26% decrease in new homes listed for sale per member branch, dropping to an average of six in November from October’s figures. Additionally, buyer registrations decreased from 53 in October to 49 in November, reflecting a cooling trend in the market.
Nathan Emerson, CEO of Propertymark, highlighted the impact of economic uncertainty on the housing market, attributing seasonal trends and reduced demand to a broader market slowdown. He said, “There are clear indications of a cooling market. Declining demand, combined with reduced stock and new supply, is exerting pressure on prices, with properties often selling below the asking price, as reported by our members.”
The combined insights from GetAgent and Propertymark suggest a nuanced scenario in the English housing market, with sporadic improvements tempered by broader challenges, setting the stage for a cautiously optimistic start to the new year.