The vast majority of England’s property market has witnessed a steady rise in buyer activity over the past year, as growing market stability and improved mortgage affordability appear to be restoring confidence among homebuyers.
New research from London-based estate and lettings agent Benham and Reeves shows that, since the first quarter of 2024, buyer activity has increased in all but two counties.
The analysis tracked the number of homes listed as sold subject to contract (SSTC) across England and calculated the average quarterly change over the past year.
According to the figures, the number of homes securing a buyer rose by an average of 3.7% per quarter. The most notable increases were recorded in Lincolnshire, where SSTC activity has grown by an average of 6% each quarter, followed by Cumbria (5.9%) and Rutland (5.5%).
ROBUST GAINS
Other counties seeing robust gains in buyer demand include Cheshire (5.4%), Worcestershire (5.1%), Essex (5%), Oxfordshire (5%), East Riding of Yorkshire (4.9%), Leicestershire (4.9%) and Warwickshire (4.9%).
However, two areas have bucked the trend. The City of London saw a sharp quarterly decline of 6.2% in buyer activity, while Gloucestershire recorded a more modest fall of 2.9% per quarter. Despite the capital’s central district underperforming, Greater London as a whole fared much better, with buyer activity rising 3.6% on a quarterly average basis.
RENEWED OPTIMISM
Marc von Grundherr (main picture), Director of Benham and Reeves, says that the findings reflect a broader sense of renewed optimism in the housing market.
“Stability has been key in tempting buyers back into the fold over the last year and it’s clear that with interest rates stabilising and then falling, the resulting improvements to mortgage affordability has helped to drive the market forward,” he says.
“We expect buyer activity will only continue to strengthen over the course of the year.”
“In fact, all but two counties have seen the number of homes securing a buyer trend upwards over the last year and, with interest rates forecast to fall again, we expect buyer activity will only continue to strengthen over the course of the year, which in turn will continue to cultivate house price growth.”
The figures come amid growing anticipation that the Bank of England may begin cutting interest rates later today, potentially providing further stimulus for the market as prospective buyers regain purchasing power.
