"The current market remains challenging for sellers, with buyer demand levels nowhere near as strong as we would expect for what is traditionally a busy time of year and, in many parts of England, fewer than one in three properties have secured a buyer"
- Shepherd Ncube - Springbok Properties
A new analysis of current buyer demand by Springbok Properties shows that just 44% of homes listed for sale across England have secured buyers, with some of the weakest markets found in parts of London, the Isle of Wight and Cornwall.
The study measured demand levels based on the proportion of homes listed for sale on Rightmove that have already been sold, subject to contract. Across England, only 43.6% of sellers have been able to find buyers in the present market.
The findings highlight the difficult environment for homeowners looking to sell. In several counties, demand is particularly low, leaving sellers facing longer waits and reduced certainty.
Coldest markets
City of London – only 21.2% of current sellers have secured buyers, making it the coldest market in England.
Isle of Wight – 27.6% of homes listed have been sold subject to contract.
Cornwall – demand stands at just 30.3%, despite its reputation as a desirable coastal market.
Lincolnshire – 34.5%.
Herefordshire – 35.2%.
Greater London – 35.7%.
Devon – 36.9%.
Shropshire – 37.9%.
Even in the country’s strongest market, the City of Bristol, demand has reached only 58.1%, meaning more than 40% of properties remain unsold.
“The current market remains challenging for sellers, with buyer demand levels nowhere near as strong as we would expect for what is traditionally a busy time of year and, in many parts of England, fewer than one in three properties have secured a buyer," explained Shepherd Ncube, CEO of Springbok Properties. “This is a clear sign of cooling buyer sentiment and growing uncertainty across the housing sector, driven no doubt by the nation’s wider economic troubles, and apprehensions ahead of the Autumn Budget."
Ncube added, “This environment is especially tough for those who need to move quickly or have already experienced delays on the open market and we’re also seeing a far higher level of sales fall through once they have been agreed.
“As a result, we’re seeing a growing number of sellers opt for our quick sale offerings over our traditional route to market in order to secure the speed and certainty they require and, in doing so, we’re able to provide them with a concrete timeline for completion, which can ensure they don’t lose their onward purchase.”
