Home buying up 7% at the end of 2023 as property market confidence rises

In Q4 2023, 277,115 homes listed for sale online in England were marked sold subject to contract (SSTC), a 7% increase compared with Q1, according to research by Benham and Reeves.

Home buying up 7% at the end of 2023 as property market confidence rises
In Q4 2023, 277,115 homes listed for sale online in England were marked sold subject to contract (SSTC), a 7% increase compared with Q1, according to research by Benham and Reeves.

The increase amounted to 18,000 more buyers taking the plunge to acquire a property in the last quarter compared with the first.
The Bank of England reported that mortgage approval numbers have started to rise, while Halifax and Nationwide reflected this with growth in their house price data.

32 of England’s 48 counties saw the number of SSTC homes increase

The biggest increases were recorded in Bedfordshire, with a 15.3% jump in the number of homes sold between Q1 and Q4 of 2023. 

Rutland saw the second largest increase at 14.5%, followed by Buckinghamshire (+9.7%) Berkshire (+9.2%), Oxfordshire (+7.6%), Somerset (+7.5%) and Kent (+7.3%).

London had the eighth largest increase (+7.1%), with the West Midlands (+6.9%) and Isle of Wight (+6.8%) also making the top 10. 

Marc von Grundherr, director of Benham and Reeves, said: “Numerous market indicators now suggest that the property market is poised to go from strength to strength in 2024. 

“Having seen mortgage market activity build towards the back end of last year following a freeze on interest rates, we’re now seeing this activity translate into an uplift in the number of homes going under offer and selling subject to contract.

“The rental market also remains extremely busy and we’re continuing to see demand from tenants exceed the level of stock available to them.

“While it will take some time for these sales to complete, it’s only a matter of time before this growing market momentum starts to cultivate sold prices, bringing further stability to the property market in the process.”


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