Property

What could have been: Latest figures show strong buyer demand in Q1

Property Reporter
|
24th April 2020
SOLD

The latest data and analysis from GetAgent.co.uk has revealed that there was strong buyer demand during Q1 this year, a rise of 2% when compared to the previous year and on the previous quarter alone.

The figures show that in London demand lifted by 7% annually and 3% quarter to quarter. Both nationally and in London, Q1 of this year saw demand exceed levels seen throughout all quarters of 2019.

Using data from the major property portals, GetAgent.co.uk looked at where has seen the largest levels of buyer demand across the UK’s most populated towns and cities, based on the total level of the stock listed for sale and the ratio that has already gone under offer or sold subject to contract.

Most in-demand

Where current buyer demand is concerned, Falkirk (65%), Bristol (62%), Dartford (61%), Glasgow (60%) and Sheffield (59%) were the hottest markets pre-pandemic lockdown, whilst Derry (+12%), Belfast (+8%), Basingstoke (+7%), Birkenhead (+6%) and High Wycombe (+6%) enjoyed the largest quarterly uplift when compared to the end of last year.

On an annual basis, Woking (+15%), High Wycombe (+12%), Bristol (+10%), Basildon (+10%) and Reading (+9%) had enjoyed the largest bump in buyer demand when compared to the first quarter of last year.

In London, Bexley (64%), Waltham Forest (57%) and Havering (54%) were amongst the most in-demand boroughs with buyers, with Ealing (+11%), Southwark (+7%) and Bromley (+7%) enjoying the largest uplift on the previous quarter.

Ealing and Waltham Forest also enjoyed some of the biggest increases on an annual basis, up +14% and +13% respectively.

Least in-demand

Aberdeen remains the least in-demand location for homebuyer demand by far, at just 7% in the first quarter of this year. Blackpool (25%), Stockton-on-Tees (26%), Darlington (27%) and Middlesbrough (29%) were also amongst some of the areas for the lowest buyer demand.

Despite a wider Boris market bounce, Exeter (-5%), Hove (-4%) and Dudley (-3%) saw the largest decline in buyer demand when compared to quarter four of last year, while despite a strong quarterly uplift, Derry saw the largest decline when compared to the start of last year at -12%.

The City of London (10%) was the least in-demand borough for current demand, joining Camden (-2%) with the largest quarterly decline, as well as seeing the largest annual drop at -8%.

Colby Short, founder and CEO of GetAgent.co.uk, commented: “A painful reminder of what could have been, with so many early market indicators suggesting a very strong year was on the cards for the UK property market after months of Brexit uncertainty.

"Those that did brave a bleak political outlook to push on with a purchase may not have had the last laugh but looking at where we are now, they will certainly be glad they choose to transact rather than wait it out.

"A brief few months of strong activity early this year has now given way to a full market freeze and with no concrete view on when this will thaw, we expect to see data around buyer demand for the second quarter of this paint a very different story.”

Related articles
More from Property
Latest from Financial Reporter
Latest from Commercial Reporter