Home Buying A Northern Powerhouse of homebuyer demand hit the market in Q2, while...

A Northern Powerhouse of homebuyer demand hit the market in Q2, while national demand dropped marginally

The latest UK Homebuyer Demand Hotspots Index from estate agent comparison site, GetAgent.co.uk, has found that appetite for property across the UK’s top 100 cities fell marginally in the second quarter of this year; down by -0.8%.

With current demand at 42.5%, there has been a marginal uplift on an annual basis with an increase of 0.2%. 

GetAgent.co.uk analyses the level of buyer activity in 100 of the largest towns and cities across the nation, ranking each area with a demand score based on the number of homes sold as a percentage of the total stock listed for sale. 

See the data tables and full regional data set here.

Top 100 Cities

The latest index shows where current demand is concerned, Sale (58.3%) takes the top spot as the hottest pocket of the UK property market in the second quarter of this year.

Sheffield (57.9%), Falkirk (57%), Oldham (56.3%) and Dartford (55.6%) also rank within the top five. 

In terms of the most significant uplifts, St Helen’s has seen the largest quarterly change at +12.7%, along with Blackburn (+8.5%), Rotherham (+7.4%), Darlington (+6.7%) and Blackpool (+6.5%).

Annually, Bradford has seen the most substantial increase at 9.9% with St Helen’s again ranking high (+9.6%), along with Blackburn (+9.3%), Oldham (+8.5%) and Darlington (+8.5%).

London

Across London as a whole, demand has dropped -6.1% annually and -0.9% annually. 

The capital’s outer boroughs remain home to the highest levels of current demand. Bexley (56.5%), Waltham Forest (51.9%), Bromley (47%), Havering (44.9%) and Sutton (44.4%) all rank high, while the City of London was home to the lowest demand in Q2.

The current pandemic seems to have had a more significant impact in London, with all boroughs seeing a decline in homebuyer demand quarterly. Surprisingly this decline was the lowest in the City of London at just -1.2%. 

Annually, Bexley (+3.9%), Bromley (3.2%) and Waltham Forest (+2.5%) have seen the most significant uplifts in homebuyer demand.

Founder and CEO of GetAgent.co.uk, Colby Short, commented:

“As widely predicted, there have been some notable declines in homebuyer demand across the UK market during the second quarter of this year due to the property industry lockdown. 

However, it has been far less pronounced than widely predicted and some areas have weathered the storm pretty well, all things considered. 

It’s interesting to see how the current pandemic has impacted specific areas of the market more than others, with demand falling across the board in London. In contrast, many pockets of the North and West Midlands were much more resilient. 

The market has seen a swift return to form following the easing of lockdown restrictions, coupled with a steroid shot in the form of a stamp duty reprieve up to £500,000.

As a result, we expect to see a sharp uplift in demand levels over the next quarter and throughout the remainder of the year.”

Leave a Reply