Editor's note: This brief was summarised by The Property AI Team from a report by The Negotiator. Read the original article for full details.
Buyer Demand for UK Property Falls, With Southern Regions Most Affected
Homebuyer demand in England has declined, with the number of properties under offer dropping by 1.1% to 41.2% between April and June, according to new figures from EXP. The data shows that while some counties in the North and Midlands experienced growth in demand, many southern markets saw a weakening in buyer interest.
The figures, based on the proportion of properties listed for sale under offer on Rightmove, highlight regional differences in the UK housing market. East Riding of Yorkshire, Lancashire, and Greater Manchester were among the strongest performers over the quarter, with East Riding of Yorkshire seeing an increase of 3.1. In contrast, Dorset, Surrey, and Bristol recorded some of the steepest declines in buyer demand.
Earlier this week, Connells reported a 6% fall in the number of homes listed this year that secured an offer. Just over half (52%) of properties put on the market in January received an offer within six months, compared to 58% at the same time last year.
These trends may be relevant for letting agents and inventory clerks monitoring regional market activity and adjusting their services in response to shifting buyer demand and transaction volumes.
Source: The Negotiator