New research conducted by Sirius Property Finance, the debt advisory firm, has identified the best areas for buyers looking to purchase a property in England.
The research considered both below-average house price growth and demand levels, providing insights on the most suitable buyer’s markets in the country.
Since last September’s mini-Budget, the property market has been experiencing a slowdown.
According to Sirius Property Finance, the average house price has only risen by 0.4% since then, while buyer demand levels have fallen by 9.2%. About 48.3% of homes listed for sale are currently under contract or offer, compared to 57.5% in September.
The study shows that every county in England has experienced a drop in buyer demand levels since the mini-Budget, but only a few counties, such as Dorset, Devon, London, Surrey, and Wiltshire, have seen a decline in average house prices. However, buyer demand levels in these counties have not decreased as much as other regions.
Seven counties, including Gloucestershire, Worcestershire, Cumbria, Herefordshire, Warwickshire, West Sussex, and the Isle of Wight, have seen a drop in buyer demand levels by over 9.2%, with house price growth increasing by less than 0.4%.
This double-barrelled drop in market performance presents the best opportunities for buyers, as competition for properties in these areas dwindles, giving buyers more bargaining power.
According to Kimberley Gates, head of corporate partnerships at Sirius Property Finance, the reduction in buyer activity levels means that sellers are struggling to secure the same high prices they were receiving a few months ago.
This presents buyers with a unique opportunity to negotiate a discount, as there is less competition for a given property.
Gates advised buyers to research their local markets to understand the dynamics better and increase their chances of success in negotiations.
Although the study provides a comprehensive overview of the best buyers’ markets in England, Gates notes that each market is unique and requires a specific negotiation strategy.
