Knowing whether now is a good time to buy a house isn't an exact art. However, there are some ways you can get a general impression of whether the market is likely to be in your favour.

In this article we look at what makes a 'good' market for a buyer, and examine how the housing market is doing currently. We'll also make some tentative predictions about how the housing market will change in the coming months, to help you decide whether to buy now, or wait for more favourable conditions.

### How do you know if it's a good or bad time to buy a house?

If you're in the early stages of your home buying journey, there are a few things you can check out to see whether the market is currently in your favour. Being armed with this information will help you decide whether to take the leap, or to wait until you can get a better deal.

We'd recommend starting with the following questions:

* **Can you find homes you like on the market?**

When you look on online portals, do you see the sort of property you're looking for regularly, or do they only come up every so often?

Asking [estate agents](https://www.getagent.co.uk/estate-agents) is another good way to gauge how often you'll find properties that fit your criteria come up on the market.

Of course there are some houses that are always in short supply - like detached homes in central London, or studio flats in Colne - but checking out what's available is a good way to see whether you'll actually be able to find what you're looking for when you're ready to put in an offer.

[Buying and selling at the same time? Read more about how to juggle the process here.](https://www.getagent.co.uk/blog/first-time-sellers/buy-and-sell-at-the-same-time)

* **Are house prices going up or down?**

If house prices are going up its generally a sign that the market is currently working in favour of sellers rather than buyers. House prices tend to go up when there's not enough homes to meet demand and competition between buyers drives up the price.

Remember there's usually a fair amount of local variation when it comes to property prices. Big cities like London and [Edinburgh](https://www.getagent.co.uk/area/edinburgh/living-in-edinburgh) are often among the most expensive for those looking to buy a home. Whereas smaller, rural communities tend to have lower property prices. Each area will experience house price fluctuations depending on what's going on nearby, for example: a large infrastructure project, or investment into local employment.

Curious about how much your home is worth right now? [Check out our free, online valuation tool here.](https://www.getagent.co.uk/how-much-is-my-house-worth)

* **How's the mortgage market?**

The mortgage market and housing market are intimately intertwined. When interest rates are low buyers are more likely to be active, because borrowing money is more affordable. On the other hand, when there are few mortgage products available - or interest rates increase - it becomes more expensive for people to borrow money, so fewer people look to buy.

Affordable mortgage rates can be a double-edged sword. They can make it easier to buy a home, but can also cause greater competition because other buyers also want to take advantage of the favourable rates.

### So, how are things looking for buyers, right now? 

### Housing supply

One of the biggest issues facing property buyers in the UK at the moment is a lack of houses actually available to buy. According to property portal Zoopla, housing supply is currently **20.8%** lower than last year. This is in line with comments from Rightmove that stock levels on the site were at an 'all time low'. 

However this issue of supply is worse for particular types of homes. Many buyers are looking for family homes, or properties with gardens. For example, Rightmove found 14% fewer new listings put on the market between January and March this year, however there were around *30% fewer* new listings of 3- or 4- bedroom detached properties - the current most popular property type for UK buyers.

However, those looking to buy a property in a city centre are likely to have more choice. Central [London](https://www.getagent.co.uk/area/london), for example, is one of the areas witnessing lower than average levels of buyer demand. Many speculate that this is the result of a shift in buyer priorities. Whereas previously, home buyers were keen to find a property close to their workplace, many people are now looking for properties that offer more space for the price, even if they are slightly further away from the office. 

### Why are fewer sellers putting their property on the market right now?

Zoopla predicts that the number of home sales this year will hit 1.5 million by December 2021 - 45% higher than the year before. This suggests that the lack of supply is caused in large part due to extra buyer demand, not a lack of sellers coming to market. However, there has been a slow down in the number of new properties entering the market, suggesting some reluctance amongst sellers. 

There are a number of reasons why people are slightly more reluctant to sell their properties right now. These include:

* **The pandemic**

The home selling process involves a lot of contact with potential buyers coming for viewings. Many home owners have been reluctant to start marketing their property because of the potential risk of transmission. However, with the easing of restrictions, and significant proportions of the population being vaccinated, it's likely more people will be happy to have potential buyers over for viewings again soon.

* **Stamp duty holiday deadline**

While many buyers are keen to take advantage of the stamp duty holiday, some sellers are cautious about marketing their property too close to the deadline. [Some sales will not complete in time](https://www.estateagenttoday.co.uk/breaking-news/2021/3/stamp-duty-surge-adds-weeks-to-time-it-takes-to-complete?source=newsticker) to take advantage in the savings, and this could lead to transaction fall throughs if a buyer can't pay the upfront stamp duty cost. 

* **Financial uncertainty**

The [economic impact of the coronavirus pandemic](https://commonslibrary.parliament.uk/research-briefings/cbp-8866/) has not yet been felt in full. Some people don't want to make large financial decisions, such as taking on a mortgage, until they completely understand how secure their financial position is for the future.

* **Buyer competition**

Many people who put their homes up for sale are *also* looking to buy. Some people are holding off selling until there are more properties on the market to choose from.

However, sellers that are putting their homes on the market right now, are finding that they sell incredibly quickly, and generally for **much higher prices** than they anticipated.

**Will this change soon?**

Several estate agents and property commentators have predicted that the end of lockdown restrictions will encourage sellers to feel more confident about putting their property on the market, and having people over for viewings.

Additionally, it's likely that the tapering off of the stamp duty holiday will contribute to a lessening of buyer demand. Many home buyers moved forward their purchases in order to take advantage of the savings. This means it's likely that once the holiday has ended, we may see a period where fewer people than normal come to the market - reducing the imbalance between demand and supply. 

There are signs that the situation for people buying a home is already improving - albeit slowly. The [Royal Institute of Chartered Surveyors (RICS) State of the Market Survey](https://www.rics.org/globalassets/rics-website/media/knowledge/research/market-surveys/5._web_-may_2021_rics_uk_residential_market_survey_tp.pdf) asks estate agents and surveyors for their views on the property market both nationally and in their local area. The latest survey saw that on balance respondents thought that 'appraisals were up on the same period last year'. This is a good indicator that more homeowners are interested in selling, and hopefully this will translate into a wave of new properties coming onto the market in the next few months.

### Competition from other buyers

Despite there being fewer properties on the market than normal, there are more people looking to buy.

Estate agent [Hamptons](https://www.hamptons.co.uk/research/articles/stock-shortage-fuels-bidding-wars/) reports that the number of prospective buyers increased by 17% in the first 3 months of this year. This means that for every new property put on the market there were more than 9 people registering their interest, on average, between January and March this year.

According to NAEA PropertyMark, 1 in 6 properties sold for *more* than the asking price in March, suggesting that this buyer competition is working to drive up prices. 

A number of estate agents commented on current levels of buyer demand as part of the RICS Market Survey. Sentiments such as 'demand for houses at all levels is unprecedented', and 'very much a sellers market with insufficient stock to meet demand' were common responses from agencies across the country.

### Why is home buyer demand so high?

Buyer demand has been encouraged throughout the pandemic by a range of things, including:

* **Government incentives**

In order to support the housing market during the periods of lockdown, the Government has introduced a range of incentives to encourage people to move home. The most important of these is the [stamp duty holiday](https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates), which means buyers won't have to pay any stamp duty land tax on residential property purchases up to £500,000. This gives buyers have the opportunity to save up to £15,000 upfront if they buy before the deadline. Although the stamp duty holiday is beginning to taper off, even the reduced rate coming into force at the end of June, will provide upfront savings to those buying properties costing less than £250,000 until October. 

* **Lockdown**

Lockdown has meant we've all spent more time at home. This has encouraged many to think seriously about what they need from the place they live, and to explore buying a home further away from the office.

* **Low interest rates** 

Interest rates in the UK are currently very low, this makes borrowing money to buy a house much more affordable.

* **House prices**

Due to the high levels of demand from buyers, and the low numbers of properties on the market, house prices have grown massively over the past year.

According to the latest [Land Registry House Price Index](https://landregistry.data.gov.uk/app/ukhpi/browse?from=2020-02-01&location=http%3A%2F%2Flandregistry.data.gov.uk%2Fid%2Fregion%2Funited-kingdom&to=2021-02-01&lang=en) the average property price in England is £268,000. This is 8.9% higher than a year ago - an increase of just under £25,000.

The situation is, however, different in different parts of the country. For example, where house prices in the North West has increased 11.8% since last year, areas of inner London have witnessed very slow rates of house price growth. House prices in the City of London for example, have actually decreased 13.6% since last year.

### The mortgage market

Right now, the mortgage market is pretty favourable for those looking to move house. Interest rates are low, which makes it more affordable to borrow. [Moneyfacts.co.uk](https://moneyfacts.co.uk/news/mortgages/the-best-residential-mortgage-rates-090421/), who follow the mortgage market closely, have found rates starting at as low as 0.95% for home movers who are able to put forward a 40% deposit. 

The mortgage market is, on the whole, less favourable for first time buyers. This is because first time buyers present a greater risk to lenders and tend to have smaller deposit. First time buyer mortgage products are gradually returning to the market, supported by the government's new mortgage guarantee scheme, but they retain a strict affordability criteria.

### So, is now a good time to buy a house?

Currently the property market is a seller's market. Which means conditions aren't that great if you're thinking about buying a house. House prices are high, and there's lots of competition for the best homes. It will be hard for many buyers to find the right house, or get the best deal.

However, that doesn't mean there isn't scope for buyers to take advantage of the situation too. Many home sellers are keen to move quickly to ensure they meet the stamp duty holiday deadline. And, there are some areas - such as city centres - where fewer buyers are looking, and house price growth is slower than normal.

Make sure you're up to date with local and national trends. [Head here to see the best places in the UK to buy and sell property right now, along with a range of other useful statistics about the market.](https://www.getagent.co.uk/house-prices)

If you're looking to buy a property now, we'd recommend getting independent financial advice before committing to a property or mortgage deal - particularly if you intend to move again in the next few years. They will be able to provide advice tailored to your financial situation, and explain the risks should inflation cause interest rates to increase.

### Other things to consider
Figuring out what's best for your personal circumstances is often just as important as understanding the property market when it comes to deciding whether now is a good time to buy a house or not.

Make sure to assess your circumstances from both an emotional and financial perspective. Two good places to start include:

* **Can you afford the mortgage?**
This isn't as simple as knowing you have the deposit available. You should also consider how you would manage the [repayments](https://www.getagent.co.uk/guide/mortgages/mortgage-short-on-cash) if you lose your job or are furloughed in the future. Consider what other life events might impact your income - for example taking time off work for maternity leave.

* **What's driving you to move?**
If the reason you're buying a house is: a new job, an expanding family, or to release equity, then what's going on in the wider market is likely to be less important than finding the right new property to suit your needs.

Parent and young child wearing warm clothing run excitedly through a park 

is-now-a-good-time-to-buy-house-UK

In this article we look at what makes a 'good' market for a buyer, and examine how the housing market is doing currently. Is now a good to buy a house?

Is now a good time to buy a house? Summer 2021

In this article we look at what makes a 'good' market for a buyer, and examine how the housing market is doing currently. We'll also make some tentative predictions about the way the housing market will go in the future to help you decide whether to buy now, or wait for more favourable conditions.

Is now a good time to buy a house?

It’s hard to believe that a year has passed since Chancellor, Rishi Sunak, first introduced the holiday on Stamp Duty. Now however, as these tax breaks retreat into their exit phase, there’s a lot more talk about ‘damage done’ rather than ‘money saved’. In the midst of this, are questions regarding the future of the property market.

### Rush to beat stamp duty deadline

Ahead of June 30th’s staggered return to normal stamp duty rates, there have been calls for alarm regarding its inflammatory effect on the property market. During a webinar on inequality hosted by the University of Glasgow on Tuesday the 8th, Andy Haldrane, the Bank of England’s chief economist, warned that the housing market was ‘on fire’.

Indeed, while many welcomed the extension of the stamp duty cut deadline, data suggests that, combined with favourable interest rates for low mortgages, the extension has resulted in a struggle to meet demand. [Rightmove’s figures](https://www.rightmove.co.uk/press-centre/biggest-sales-pipeline-over-past-ten-years-buyers-undeterred-by-stamp-duty-holiday-ending/) alone state that over 704,000 homes are now in the process of being sold across the UK. 

These huge numbers are accompanied by an inflation in housing prices. The UK’s largest lenders, Nationwide Building Society and Halifax have both reported large annual price increases of over 10%. In their [Housing Market Update](https://www.savills.co.uk/research_articles/229130/314970-0), Savills have likewise reported a double digit growth of 10.9%, the highest since August 2014.

### Speculation on house prices beyond SDLT holiday

While many experts have predicted the house market’s growth will slow after June 30th, Savills have stated that ‘strong value growth, putting more equity in home-movers pockets’, will be an advantage and may help sustain high activity beyond the SDLT holiday.

Increased savings have also played a big part in the market’s boom. Thanks to the introduction of lockdowns and work at home schemes, richer households have accumulated well over £106 billion in savings since the beginning of the pandemic. According to Zoopla, over a quarter of new movers (from a study of 2400 subjects) claim that it was due to increased income that they were finally able to move homes. 

These new savings could help the seller’s market to continue on strong after the SDLT deadline, as rich and competitive buyers are likely to continue bidding to secure their new home. Though the 117,860 transactions in April were 36% lower than the record-breaking 183,170 seen in March, they were still 59% above the 2018-20 average.

However, the rush in March for buyers to meet the initial SDLT deadline demonstrates just how reliant the market’s current boom is on the holiday. After SDLT rates begin to dial back to their original levels, the demand for homes may well decrease. Without the demand of the past year, house prices could be seen to even out.

In the wake of Mr Haldrane’s warnings, however, the Bank of England has sought to ease concerns regarding the market’s future. Deputy Governor, Dave Ramsden, has assured watchers that the central bank was carefully observing the housing market for another jump in consumer price inflation.

a folded newspaper lying next to a cup of coffee on a wooden table 

property-news-may-14

Rush to beat stamp duty deadline (again) - and what next for house prices. 

Property News 17th June | Rush to beat SDLT deadline (again)

Property news of the week: June 17th 2021

### Boom in housing market leads to BofE vigilance on inflation

With the booming UK property market surging towards its busiest year since the global financial crisis, a key policy maker says the Bank of England is monitoring the sector over fears it could trigger sustained inflation.

Zoopla says around 1.5 million homes are expected to change hands in 2021 -- a 45% jump from 2020. That would make it the busiest year for Britain’s housing market since 2007 and one of the top 10 years since 1959.

The total value of homes sold in 2021 is expected to rise 46% from last year, reaching £461 billion by the year’s end, according to Zoopla’s latest House Price Index.

The growing strength of the property sector has caught the attention of Bank of England Deputy Governor Dave Ramsden, whose portfolio includes markets and banking.
‘There is a risk that demand gets ahead of supply and that will lead to a more generalised pick-up in inflationary pressure. That’s something we are absolutely going to guard against’, [Ramsden told the Guardian](https://www.theguardian.com/business/2021/jun/01/bank-of-england-monitors-uk-housing-boom-as-it-weighs-inflation-risk-dave-ramsden-covid). ‘We are looking carefully at the housing market and a raft of real-term indicators’.

As measured by the UK consumer price index, inflation currently stands at 1.5%. It’s expected to rise above its 2% target briefly over the coming months.

But if inflation proves longer-lasting, Ramsden said, BofE would consider raising the bank rate up from its current historic low of 0.1% to help cool off the market.

Zoopla credits a few factors related to the pandemic for the property boom:

* The [stamp duty holiday](https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates) instituted last summer

* New [government-backed mortgage scheme](https://www.gov.uk/government/news/new-95-mortgage-scheme-launches) that will help first-time buyers and some homeowners secure a mortgage with just a 5% deposit.

* A pandemic-driven ‘search for space’, whereby homeowners are seeking properties with gardens and more indoor room for home working

‘House price growth is strongest in areas where affordability is greatest’, Zoopla notes. That’s especially true in Wales, where prices are up 6.3% year-on-year, as well as Yorkshire and Humberside (5.4%) and the north west of England (5.3%). On the other hand, prices are rising most slowly in London (1.9%).

Zoopla’s report comes after mortgage lender Nationwide predicted UK house prices would continue to rise beyond the stamp duty holiday, which is scheduled to be wound down this summer.

‘There will be periods when it goes down a bit’, [says Joe Garner](https://www.nationwide.co.uk/-/media/MainSite/documents/about/house-price-index/2021/May_2021.pdf), Nationwide’s chief executive, as saying. ‘But particularly as people are buying much more for their long-term home, it doesn’t matter so much the day-to-day value of the property if it’s somewhere they really want to live’.
**What’s going on in the property market near you?** [Check out our house prices page for an in-depth & local look at the UK’s property market.](https://www.getagent.co.uk/house-prices) 
### Mixed news on mortgages

[The Guardian reports](https://www.theguardian.com/money/2021/may/23/mortgage-competition-hots-up-and-rates-fall-to-under-1-for-some) this is a ‘golden time’ for mortgages, with rates as low as 0.99% for some remortgagers and homebuyers on a two-year deal. The best deals are targeted at those with large deposits, it says.
According to the financial data firm Moneyfacts, they’re the cheapest five-year fixed-rate mortgages offered for at least 14 years.
Not everything on the mortgage front is rosey, however.

The [Telegraph reports](https://www.telegraph.co.uk/property/buy/banks-penalise-homeowners-took-covid-mortgage-holidays/) that some mortgage lenders are penalising homeowners who sought help from their banks during the height of the pandemic by seeking higher mortgage rates and rejecting new loan applications.

Some mortgage customers took a repayment holiday under rules introduced in 2020 to help people struggling with financial pressures stemming from the pandemic. As a result, nearly 3 million homeowners agreed to deferred payments after being assured doing so wouldn’t affect credit files.

But many of these borrowers have since been pushed onto more expensive mortgage rates, the Telegraph reports. Citing research from NerdWallet, the newspaper says around 10% of mortgage customers have also had an application rejected because they took a repayment holiday.

Lenders’ actions are consistent with the letter, if not the spirit, of the law, the Telegraph quoted NerdWallet’s John Ellmore as saying. ‘Indeed, applicants who have taken advantage of loan repayment holidays as a consequence of the financial pressures caused by the pandemic may well find themselves unfairly targeted, given use of such schemes was not meant to impact on their ability to access credit in the future’, he said.

### Ban on renter evictions ends on England

A ban on rental property evictions enforced by bailiffs during lockdown ended on 1 June in England.

That means eviction notices can now be set at four months, whereas they had previously been extended to six months because of the pandemic. Assuming the lockdown restrictions ease as planned, the notice period will revert to where it was pre-pandemic -- usually two months.

The ban was introduced in England at the start of the first lockdown in March 2020, while governments in Northern Ireland, Scotland and Wales also took similar action.

Housing Minister Christopher Pincher [said the end of the ban](https://www.bbc.co.uk/news/explainers-53860154) would ‘ensure tenants continue to be supported with longer notice periods, while also balancing the need for landlords to access justice’.


Bank of England keeps an eye on property market impact; mortgage rates lowest in 14 years - but will it last? And, the ban on evictions comes to an end. 

Property News 31st May | Lowest mortgage rates in 14 years

News of the week: 31st May

### Market View

This week, ONS confirmed reports of continuing, rapid, house price growth with the release of their latest [House Price Index](https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/march2021). Their data shows that the average UK house price increased by 10.2% between March 2020 and March 2021 - the highest rate of growth since August 2007. In cash terms this means the average UK house was worth £24,000 more in March, than it was last year.

England leads the way, with an average house price of £275,000 in March 2021, followed by Wales (£185,000), then Scotland (£167,000).

While some may be worried about rates of growth like we saw in 2007, in another period of economic downturn (as caused by the pandemic), commentators have been quick to point out that there are more security structures in place which help reduce levels of economic risk. Many banks have spent the past decade bolstering their capital reserves, mortgages are much harder to qualify for, and the limits on the amounts you can borrow have become stricter. Sam Brodbeck of [The Telegraph](https://www.telegraph.co.uk/property/house-prices/house-price-growth-2007-crisis-levels-similarities-end/) summarises: ‘There will be no return of the infamous ‘self certification’ loans, or Northern Rock’s Together mortgage, which lent 125pc of a property’s value.'

Note: The ONS House Price Index is based on data from sales that have actually completed in the UK, rather than looking at asking prices, or mortgage valuations - like other popular indices. This means it’s usually a more accurate indicator of what’s going on with house prices. But it also suffers from a delay, as the data is only collected once the sale has officially completed, which can be over a month from when the sale was originally agreed.

**Curious about the value of homes in your area right now?** We track various market indicators - including the ONS House Price Index - at a local level. [Just pop in your postcode here](https://www.getagent.co.uk/house-prices), to get up-to-date information on the property market in your area.

### Right up my street

Over the past year, much of the house price growth has been driven by those in city centres looking to move to larger properties in greener areas. But now, research from Rightmove suggests that demand for city centre homes is returning.

The property portal measures buyer demand by looking at how many people contact estate agents for details about a property for sale on their site. While three-bedroom houses have consistently been the most popular property type over the past year, this month Rightmove saw a huge uplift in the number of potential buyers enquiring about flats.

On top of this, they found that growth in buyer demand in urban areas is now *outperforming* growth in rural areas for the first time since before the pandemic started. The portal reports that the biggest jumps in demand were seen in York, Norwich, and Sheffield.

They speculate that the easing of Covid restrictions has increased the appeal of living in a city centre again. Tim Bannister, Director of Property Data, commented: ‘Right now some buyers are able to grab a relative city bargain compared to the heady price growth outside cities, but these early signs of demand could be the start of city prices rising again.’


Property news: May 21st

Property news of the week: May 21st 2021

### The Queen’s Speech 

This week, those interested in housing policy gathered to watch the [Queen’s Speech](https://www.gov.uk/government/speeches/queens-speech-2021), in the hope that the property market would remain a priority over the coming year. Happily, the speech - written by Government - laid out a number of policy priorities for the property sector.

On the whole, these were received positively by the industry. However, there was a feeling, that these policies might not go far enough to fully solve some of the issues the industry faces.

The announcement of a new building safety regulator was particularly welcomed, after news of a fire last week at [Providence Wharf](https://www.bbc.co.uk/news/uk-england-london-57022678) - a new-build apartment block in East London - underscored the urgency of new measures to improve building standards and safety. 

Similarly there was general approval of the Government’s pledge to reform leaseholds. Policy changes this year should put an end to ground rents in leasehold contracts. This is certainly a welcome change, and will help make leasehold properties more affordable and appealing to buyers. 

Estate agent body, [Propertymark](https://www.arla.co.uk/news/may-2021/the-queens-speech-2021-four-key-issues-for-property-agents.aspx), commented that the promise of leasehold reform was a ‘step in the right direction’. However, they intend to continue lobbying the Government in the hope that they will extend reforms to *current* leaseholders too.

Confirmation of the Government’s intention to introduce planning reforms also received a mixed response. [Jackie Sadek](https://twitter.com/Propertyshe/status/1392391095691227137), ex-government advisor & housing expert, responded articulately with the argument that the housing crisis is ‘more a crisis of affordability than a crisis of supply: there’s no problem with supply of homes for owner-occupiers who can afford top dollar’. She's not convinced that attempts to 'streamline' planning processes will actually make housing more affordable. 

A notable absence from the speech was the [Renters Reform Bill](https://inews.co.uk/news/politics/queens-speech-2021-renters-reform-bill-plans-government-tenancy-rights-deposits-995905), which was first promised in the 2019 Conservative General Election manifesto, and again the 2020 Queen’s speech, but is still yet to come into fruition. The Government did say, however, that they would be releasing a White Paper on rental reforms in autumn this year.

### Halifax House Price Index - April 2021

This week, Halifax released its monthly [House Price Index](https://www.halifax.co.uk/media-centre/house-price-index.html), which tracks house price growth using mortgage applications. According to their research, house prices reached a record high for the second month in a row in April.

Not only had house prices risen dramatically from the month before, they were also 8.2% higher than April last year. This is the highest rate of annual growth Halifax has seen for 5 years, and in cash terms is the equivalent of almost £20,000 added to the value of the average home. 

Russell Galley, the bank’s managing director, suggests that the consistent & rapid price growth we’re seeing is due to the stamp duty holiday adding ‘impetus to an extremely active market, magnifying the current shortage of available homes as buyers aim to take advantage of the Government scheme.’ He remains generally optimistic about the recovery of the UK economy over the next few months, but does believe that house price growth is ‘likely to slow to the end of the year.’

[Sign up here to get our free round-up of the best property news stories straight to your inbox, every Friday.](https://www.getdrip.com/forms/696053493/submissions/new) 


Property News: May 14th

Property news of the week: May 14th 2021

GetAgent’s Hotspots Index is a quarterly look at homebuyer demand levels in each major UK city. The index is based on the number of properties that are already marked as sold subject to contract or under offer as a percentage of all homes listed across the major property portals. For example, if 100 homes are listed and 50 are already taken by prospective buyers, the area would sit at a 50% demand score. 

Our latest index shows that the market hasn’t paused for breath since the Christmas break, with homebuyer demand at **60%** during the first quarter of 2020, up **+6%** since the final quarter of last year. 

The largest uplift in buyer interest has been in [Bournemouth](https://www.getagent.co.uk/area/bournemouth), where demand has climbed by **+20%** in the first quarter alone. 

Oxford has also seen one of the largest increases at +11%, as has Newcastle (+8%), Swansea, Cambridge, Plymouth, and Leeds (+7%).

In terms of the highest levels of homebuyer activity, Bristol ranks top with 76% of all homes listed already under offer or sold subject to contact. Glasgow (74%), Sheffield (73%), Leeds and Plymouth (71%) are also particularly hot. 

However, with the ongoing uncertainty caused by Covid, London homebuyers remain more cautious. Overall, buyer demand in the capital sits at just 46% having crept up +3% since the final quarter of last year. 

The good news is that just two boroughs, Newham and Brent, have seen demand remain static, while every other London borough has at least enjoyed some positive movement in homebuyer activity. 

Bexley has seen the largest quarterly uplift at +14% and is home to the largest level of current buyer demand (74%). Havering, Hounslow, Hillingdon and the City of London have seen the next largest uplift since Q4 of last year at +5%. 

However, along with Westminster (15%) and Kensington and Chelsea (19%), the City of London ranks as one of the coldest spots in the capital for current homebuyer demand with just 27% of all homes listed selling in current market conditions. 

**Founder and CEO of GetAgent.co.uk, Colby Short, commented:** 

“There’s been no let-up for a UK property market fuelled by the stamp duty holiday with a further increase in homebuyer demand during the first quarter of this year. 

The approaching deadline no doubt dampened this demand to a degree and with an extension now in place, we expect to see further increases over the next two quarters of this year at the very least.

Covid has caused the large degree of regional variation found within the UK property market to come even more pronounced for a whole host of reasons. 

While Bournemouth remains one of the coldest spots for current demand, it’s great to see that as we ease towards the end of lockdown, demand is starting to lift at the quickest rate of all UK cities.

London is also yet to bounce back to its former glory, although the good news is that demand is building across almost every borough. 

It will be interesting to see just how long it takes for normality to fully return now that an exit plan is in place.”

![homebuyer-demand-Q1-2021](//images.ctfassets.net/us6n8ous4bz0/2AvH6IXvtLxdQX77CQrWRY/7f458d84da001ddccf5a171a89bb0b92/Screen_Shot_2021-05-26_at_10.54.13.png)

Person reading newspaper at modern cafe table with a cappuccino and slice of cake

news-home-buyer-index

GetAgent’s Hotspots Index is a quarterly look at homebuyer demand levels in each major UK city.