Fresh analysis has revealed which major cities have seen the biggest increases in market activity since the start of the year, with Sunderland leading the way having seen a 10% increase in the number of homes finding a buyer.
GetAgent analysed buyer demand levels across 21 major cities in Britain, looking at the number of homes that are selling in the current market as a proportion of all stock listed for sale and how this level of market activity has changed since the start of the year.
The data shows that 45% of all homes currently listed across Britain have either had an offer accepted or been sold subject to contract.
This marks a 5% increase versus the start of the year (January 2024), as buyer confidence has grown following two reductions to the base rate by the Bank of England.
Of the 21 major cities analysed by GetAgent, it’s Sunderland that has seen the biggest uplift in buyer activity so far in 2024.
Half of all homes listed across the city in the current market have found a buyer – a 10% increase versus January of this year.
Leicester has seen the second largest increase in buyer activity at 9%, with Liverpool (+8%), Newcastle (+7%) and Leeds (+6%) also making the top five.
London sits some way out of the top 10, having seen the 14th largest increase in demand at 3.3%.
Aberdeen has seen buyer activity levels increase by just 0.2% since January, the lowest increase of all cities analysed by GetAgent.
However, every single major city has, at least, seen positive growth where buyer demand is concerned.
The co-founder and CEO of GetAgent.co.uk, Colby Short, commented: “As the year has progressed we’ve heard consistently improving reports from our member agents with respect to the market landscape, the number of buyers entering the market, and the volume deals being done.
“It’s clear that as the year has progressed, momentum has been building and this is evident given the fact that every single major city analysed has seen an increase in buyer demand levels since January.
“With the government deciding not to extend current stamp duty relief thresholds beyond 31st March next year, we anticipate that buyer interest will only climb further and this sets us up for a very busy end to 2024 and an even busier start to 2025.”
Sales change – since start of year (Jan ’24 – Oct ’24):
Sunderland (+9.8%)
Leicester (+8.7%)
Liverpool (+8.1%)
Newcastle (+7%)
Leeds (+6.3%)
Edinburgh (+6.1%
Sheffield (+5.7%)
Birmingham (+4.5%)
Bradford (+4.4%)
Cardiff (+4.2%)
Plymouth (+4.1%)
Bournemouth (+3.5%)
Manchester (+3.3%)
London (+3.3%)
Swansea (+3.1%)
Bristol (+2.8%)
Nottingham (+2.5%)
Glasgow (+2.4%)
Southampton (+2.2%)
Portsmouth (1.5%)
Aberdeen (+0.2%)
Great Britain (+5.1%)
Buyer demand data sourced from Rightmove and based on the number of current listings that are marked as under offer or sold subject to contract as a percentage of total market listings.