Buyer demand is on the rise across UK cities as impending changes to stamp duty thresholds drive increased activity in the property market.
According to estate agent comparison website GetAgent, 45% of homes currently listed in Britain have either had an offer accepted or are under offer, subject to contract. This marks a 5% increase compared to the start of the year, as confidence among buyers continues to build following two base rate cuts by the Bank of England.
GetAgent analysed buyer demand across 21 major UK cities, measuring the proportion of homes selling relative to the total stock listed. Sunderland has recorded the biggest increase in buyer activity so far in 2024, with half of all homes listed finding a buyer – a 10% rise since January.
Leicester follows closely, seeing a 9% increase, while Liverpool (+8%), Newcastle (+7%), and Leeds (+6%) round out the top five cities experiencing strong demand. London, despite its significance in the property market, ranks 14th, with a more modest increase of 3.3% in buyer activity. Meanwhile, Aberdeen has seen the lowest growth, with demand up by just 0.2% since the start of the year.
Colby Short, Co-founder and CEO of GetAgent.co.uk, expects buyer interest to continue climbing in the lead-up to April 2025, when the new stamp duty thresholds come into effect.
The government confirmed in the latest Budget that, from April 2025, the stamp duty exemption threshold for first-time buyers will drop from £425,000 to £300,000. For standard residential purchases, the threshold will fall from £250,000 to £125,000. Additionally, landlords will see the stamp duty surcharge on additional properties rise from 3% to 5%.
Mr Short commented: “As the year has progressed, we’ve seen increasing reports from our member agents about improving market conditions, rising buyer numbers, and strong transaction volumes. The data clearly shows growing momentum across all major cities.
“With stamp duty relief thresholds set to change in April, we anticipate even greater buyer demand, making the end of 2024 and the start of 2025 exceptionally busy periods for the UK property market.”
With demand increasing and stamp duty changes on the horizon, now is the ideal time to explore investment opportunities in the UK property market. Whether you’re a first-time buyer, an investor, or looking to expand your portfolio, acting before the threshold changes could save you thousands.
At Value Invest, we specialise in helping buyers and investors navigate the complexities of the real estate market. Whether you’re looking to buy, sell, or invest, our expert team can provide you with the guidance you need to make informed decisions. Get in touch with us today to explore the latest opportunities and stay ahead of the curve in this dynamic market.
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