UK housing demand rallies in Q1

06 Apr 2021

Demand for properties in the UK in Q1 increased 5.7% quarter on quarter.

This is according to findings from property comparison website Get Agent.

The property index gauges demand based on the number of properties under contract or sold compared to the number on the market.

Within Britain, demand stood at 60% between January and March this year, in comparison to just over 54% at the end of last year, says a Mansion Global report.

According to Get Agent CEO Colby Short: “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.”

The largest rise in demand was reported in Bournemouth, with 20% quarter-over-quarter growth in the first three months of 2021. Total demand in this south coast region was 38%.

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

Second and third fastest growth in demand was reported in Oxford and Newcastle, with increases quarter-over-quarter of 10.7% and 8% respectively.

Demand in Oxford stood at 58.3% over the same period, with 55.5% in Newcastle.

Highest overall demand in Q1 was in Bristol, with 76% of properties listed under offer or sold.

Slower demand was registered in London, around 46% in the first quarter, a 2.6% rise from Q4 last year.
The CEO went on to say: “London is also yet to bounce back to its former glory, although the good news is that demand is building across almost every borough.”