The latest data from an estate agent comparison site reveals where demand from home buyers was strongest in the final quarter of 2021. On average across England, demand for homes from buyers reached 65.6%, representing a rise of 0.9% on the previous quarter, even though the Stamp Duty holiday had ended.
The figures are taken from the volume of property stock listed as either under offer or sold subject to contract.
It seems that more buyers’ sights are set on Bristol and some parts of the South West than any other of the 49 English counties listed in the report. Bristol ranks highest at 82.5% for homes already listed as under offer and sold.
The City of Bristol has seen the strongest growth in demand from purchasers, achieving 15.5% in Q4 2021. The closest to this was neighbouring Bath and North East Somerset, showing the next highest growth over the last quarter up by 4.8%. The popularity amongst homebuyers and demand for homes has reached 75.2% across Gloucestershire, Wiltshire and Dorset in the South West.
Other locations to see strong quarterly growth were Surrey (3.2%), Gloucestershire (3.1%), Greater London (2.9%), and the West Midlands (2.7%). Surprisingly, the huge interest for Cornwall recorded by property portals and local agents across Cornwall during lockdown seems to have abated – demand for a Cornish home has dropped by -3.2% and has also decreased in Rutland (-3.3%), and Hereford (-1.8%) respectively.
Despite a strong quarterly uplift Greater London was home to one of the lowest levels of current demand in Q4 at 47.1%, with just the City of London seeing a lower level (23.5%).
It was predicted that the end of the stamp duty holiday would see a decline in homebuyer demand through the remainder of 2021, but whilst there were some local market marginal variations, the market has continued to move forward and remain unaffected.
Now that we have entered 2022, all the signs are that buyer demand remains strong and stock levels are still in short supply to meet the appetite for homeownership. Currently, it is a seller’s market and local property prices look set to remain high as competition for homes remains high.