The index found that overall sales demand stood at 42.4% in Q1, down 1.6% from the previous quarter and 1.0% lower than a year earlier.
eXp UK said the figures point to a growing regional divide, with counties in the Midlands and North recording demand growth while many southern areas saw demand weaken.
Derbyshire recorded the strongest quarterly improvement, with demand up 0.9% to 45.2%. Lincolnshire and Durham both saw a 0.7% increase, followed by Staffordshire at 0.6% and Shropshire at 0.5%.
By contrast, the sharpest quarterly falls were recorded in the City of Bristol, down 4.6%, and the City of London, down 4.5%. Surrey saw demand fall by 4.1%, while Wiltshire and Hertfordshire both posted declines of 3.8%.
On an annual basis, Rutland saw the biggest increase in buyer demand, rising 5.8% to 38.8%. Merseyside was up 3.4%, while the East Riding of Yorkshire, Derbyshire and Lancashire also recorded annual growth.
The weakest annual performances came from the City of London, where demand fell by 6.9%, followed by Cambridgeshire at 4.6%, Bedfordshire at 4.5%, Greater London at 4.0% and Berkshire at 3.9%.
The highest level of buyer demand was recorded in the City of Bristol at 56.4%, followed by Tyne and Wear at 53.2%, South Yorkshire at 52.3%, and Greater Manchester and Merseyside, both at 49.1%.
The City of London remained the weakest market at 14.0%, with the Isle of Wight at 28.4% and Cornwall at 32.0%.
Adam Day, head of eXp UK and Europe, said: “The latest figures highlight an increasingly clear regional divide across England’s housing market. While many southern counties are continuing to face subdued demand as a result of higher price bases, stretched affordability, and greater sensitivity to interest rate movements, markets in the Midlands and the North are proving notably more resilient.
“In these regions, comparatively lower property values mean buyers are less exposed to borrowing cost pressures, helping to sustain transaction levels. In addition, stronger rental yields and ongoing investment and regeneration in key urban centres are supporting both owner-occupier and investor demand. There is also evidence that shifting working patterns and greater flexibility around location are continuing to redistribute housing demand away from traditionally dominant southern markets.”
