GetAgent.co.uk’s latest Homebuyer Hotspots Demand Index shows that buyer demand for homes in England fell slightly from Q2 to Q3 2024, but remains stronger than a year ago.
The demand for homes in Q3 was 43.9%, a decrease of 0.3% from the previous quarter, but up 2.6% compared to the same time last year.
Bristol had the highest buyer demand, with 61.4% of properties sold subject to contract, followed by Bedfordshire at 53.6%, Tyne & Wear at 52.7%, South Yorkshire at 52.6%, and Berkshire at 49.7%.
Bedfordshire saw the largest quarterly increase in sales demand at 1.8% compared to Q2, while Durham and Tyne & Wear both recorded increases of 1.2%.
Colby Short, co-founder and CEO of GetAgent.co.uk, said: “Following Q2’s promising boost in homebuyer demand, it’s disappointing to see it drop off again in Q3, especially considering that we all expected to see a bit of a surge following the General Election and the newfound level of certainty that this was expected to provide.
“But interest rates simply haven’t fallen as quickly as many buyers may have hoped, so there remains a sense of buyer hesitation across the market.
“However, this is unlikely to last following the first rate cut in four years in August and we expect demand to now begin to strengthen, particularly as we head into Q4 and what is typically a busy time of year for the market.
“We can also be optimistic about the fact that while quarterly demand has stuttered, buyer appetite is better today than it was last year, which means the market is headed in the right direction.”
