Homeowner demand up 4.2% on same time last year – Report

A quarterly ‘Hotspot Index’ by estate agent comparison site, GetAgent.co.uk, suggests an overall increase in demand for home buying over the course of 2024. 

GetAgent’s Hotspots Demand Index monitors homebuyer demand across England on a quarterly basis. Current demand is based on the proportion of stock listed as already sold (sold subject to contract or under offer) as a percentage of all stock listed for sale For example, if 100 homes are listed and 50 are already sold, the demand score would be 50%.

Despite a decline in Q3 2024, the index suggests demand was up 2% in the final quarter of 2024, and up 4.2% over the course of the year.  following a quarterly decline in Q3, buyer demand levels rallied in Q4, up 2% quarterly and sitting some 4.2% higher on an annual basis.

Co-founder and CEO of GetAgent.co.uk, Colby Short, commented

“2024 proved to be a positive year for the property market, however, we simply didn’t see the reduction in interest rates expected and this meant that mortgage rates remained far higher than today’s buyers have become accustomed to in recent years. Whilst this will have certainly continued to restrict homebuyers financially, it certainly didn’t dampen their enthusiasm and we’ve seen the market rally in Q4, with an increase in demand levels pretty much across the board.

Of course, one significant reason for this will be the Autumn Budget and the stamp duty deadline imposed as a result of the government’s failure to extend current relief thresholds. We expect this will continue to drive demand over the coming months, with a correction seen in Q2 of next year, albeit this correction should only be momentary.”

At a national level the latest index covering Q4 2024 suggests demand for homes was 45.9%; an increase of 2% on Q3. At a regional level, the comparison site saw the largest quarterly increase in sales demand in Hertfordshire; followed by Surrey, Bristol, Wiltshire and West Sussex.

Last week HMRC published the latest housing transaction numbers from November showing a slight downturn in completions compared with October but 19% higher than the same time in 2023.

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