Buyer demand will shape activity in year ahead
There are many ways to gain insight into what is happening in the English housing market and the GetAgent’s Hotspots Demand Index offers valuable insights for homeowners and potential buyers. This index, updated quarterly, reflects homebuyer demand by measuring the proportion of properties sold (either under offer or sold subject to contract) against the total properties listed for sale. For example, if out of 100 listed properties, 50 are already sold, the demand score is 50%.
Recent findings indicate a nuanced landscape in the English property market. The final quarter of 2023 witnessed a slight decrease in buyer demand, 6.7% lower than the same period in 2022. However, there was a marginal rise of 0.3% from the third to the fourth quarter of 2023, hinting at a gradual increase in market activity.
No alarm about stated figures for Durham
Focusing on the annual overview, the City of London stands out as the only area in England to see a year-on-year increase in buyer demand, with a notable rise of 2.4% in Q4. In contrast, Durham experienced the most significant annual drop in buyer demand, decreasing by 15.7%, followed by Suffolk and Cheshire with declines of 10.9% and 10.7%, respectively.
As estate agents operating in Wynyard, in County Durham, this drop sounds alarming, but don’t forget there are many unique locations in the wider, yet local, area. We can only speak for ourselves, but we’ve experienced significant demand from buyers, and there are homeowners looking to sell.
So, while it is sensible for buyers and vendors to be cautious about any move they expect to make in 2024, rest assured, if you rely on us, you’ll receive assistance from an agent who is experienced, and who is experiencing greater activity than these suggested figures!
Despite the overall modest quarterly growth, certain counties show more substantial signs of positive momentum. Rutland leads with a 3.8% increase in buyer demand when compared to the previous quarter. Buckinghamshire and Berkshire also exhibit strong growth, each with a 3.4% rise. Other counties like Surrey, Hertfordshire, East Sussex, Bristol, London, Oxfordshire, Essex, and Bedfordshire also feature among the top regions with the largest quarterly uplifts in buyer demand.
These trends suggest a varied and evolving housing market across England. While some areas face challenges, others are witnessing an upswing in buyer interest, which could lead to a more vibrant property market in these regions. This is particularly relevant for individuals considering property investments or seeking new homes, as these fluctuations can influence market opportunities and property values.
CEO and co-founder of GetAgent.co.uk, Colby Short, discussed this matter, saying: “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.”
We are here to help you move in and around Wynyard
If you are looking for help with any matter of the Wynyard property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01740 807107.