0:02 AM, 2nd October 2023, About 2 months ago
Bristol is the most sought-after location for homebuyers in England, according to the latest homebuyer demand index by estate agent comparison site, GetAgent.co.uk.
The index, which measures the ratio of total for sale stock that has already been sold subject to contract (SSTC) or marked as under offer, shows that 61.1% of all homes listed in Bristol are already SSTC, indicating a high level of buyer appetite.
However, Bristol also saw one of the largest quarterly drops in demand, falling by -6.4% since Q2, 2023.
This reflects the overall slowdown in the housing market across England, which saw demand dip by -3.3% in Q3 and -16.2% year-on-year.
Colby Short, the co-founder and chief executive of GetAgent.co.uk, said: “The state of England’s economy was bound to have a knock-on effect on the housing market.
“Would-be buyers are facing a hiked cost of living and borrowing has been expensive over the past few months, so many have postponed their buying aspirations.
“Furthermore, we’re just coming out of the traditionally quiet summer months, so fully expect demand to pick up with the often busy Autumn season.”
He added: “We’re also seeing confirmation that the housing market has not tanked in the wake of economic uncertainty to the extent that many industry commentators warned it would.
“Prices have cooled but not crashed and the economy is already showing signs of recovery.
“So, while the heady days of pandemic demand are unlikely to be repeated any time soon, we should see buyer demand grow as we approach the end of the year.”
The index, which highlights where the country’s homebuying hotspots are, shows only two regions saw demand rise over the past quarter.
They were Lancashire (4%) and Greater London (1%).
Lancashire also had the second-highest level of demand at 45.5%, followed by Tyne and Wear at 47.3%.
The lowest level of demand was recorded in the City of London, where only 20.8% of homes listed were SSTC. This was followed by Lincolnshire (30.2%) and the Isle of Wight (32.3%).
All regions of England also saw a decline in buyer demand compared to the same period last year, with Rutland (-21.9%), the Isle of Wight (-21.5%), and Norfolk (-21%) seeing the largest falls.
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