In the first three months of this year, demand for UK homes rose 5.7% QoQ, according to an index released Monday by Get Agent, a UK real estate broker comparison website.
The Get Agents index measures demand based on the number of houses contracted or sold and the total number of properties in the market. In the UK, demand was 60% in the first quarter of 2021, but slightly over 54% by the end of 2020.
Colby Short, founder and CEO of GetAgent.co.uk, said in a report that stamp duty vacations did not flood the UK real estate market, and that demand for home buyers increased further in the first quarter of this year. As the deadline approaches, this demand has weakened to some extent and is expected to increase further, at least over the second quarter of this year, as extensions are now in place.
In the UK, first announced last year, the UK’s stamp duty holiday, which defers a transfer tax of up to 500,000 (US$695,000), has been fully extended until June and will be reduced by the end of September, Prime Minister Exchequer Rishi Sunak announced. In March.
Bournemouth, on the UK’s south coast, saw the largest increase in demand, recording 20% quarter-on-quarter growth in the first month of this year. Total demand was 38%.
Bournemouth remains one of the coldest places in demand right now, but we’re excited to learn that demand is starting to grow at the fastest rate of all UK cities as it eases until the end of the lockdown.
According to the report, Oxford and Newcastle had the second and third fastest growth in demand, up 10.7% and 8%, respectively, compared to the previous quarter. Oxford’s demand was 58.3% over the same period, and Newcastle’s demand was 55.5%.
Bristol had the highest overall demand in the first quarter, with 76% of properties already being offered or sold for contact, the index said. Scotlands Glasgow had 74% demand over the same period, followed by Sheffield (73%) and Leeds and Plymouth (71%).
London posted slow demand at around 46% in the first quarter, an increase of 2.6% from the fourth quarter of 2021.
Short said in the report there is good news that demand is shaping across almost all boroughs, but London has also not returned to its former glory.
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