The stamp duty holiday has helped to accelerate homebuyer demand across the UK during the third quarter, new analysis from GetAgent has revealed.

The latest Homebuyer Demand Hotspots Index from GetAgent indicated that at 51%, current buyer demand levels are at their highest since the start of last year, up 9% annually, with an 8% increase in the last quarter alone.

Just one of the 100 areas analysed by GetAgent saw an annual decline in buyer demand during Q3, while all 100 locations enjoyed positive movement on a quarterly basis.

GetAgent.co.uk founder and CEO, Colby Short, suggested a “meteoric uplift” in UK homebuyer demand in Q3 demonstrates a market that has bounced back from “pandemic paralysis”.

“An 8.5% quarterly increase in buyer demand is phenomenal when you consider that the market has remained largely static since the start of 2019,” Short said. “Even following the Brexit bounce seen at the start of the year we saw an uplift of just 2% and for every single area to have seen a quarterly uplift in demand is unheard of.

“It’s fair to say that the current stamp duty holiday in its various forms across England, Wales and Scotland has played a huge part in this revival and should continue to do so over the final quarter of 2020 at the very least.”

GetAgent revealed the more affordable pockets of the market remain the strongest for current buyer demand with Falkirk 73%), Glasgow (68%), Sale (64%), Wigan (63%), Sheffield (63%), Warrington (63%), Worthing (62%), Dartford (61%), Oldham (61%) and Dundee (60%) ranking as the top 10.

The index also showed that the largest quarterly changes during Q3 were registered in Dundee (+25%), Newport (+18%), Swansea (+18%), Falkirk (+16%), Birkenhead (+16%), Glasgow (+15%), Hastings (+14%), Darlington (+14%), Cardiff (+13%) and Middlesbrough (+13%).

Short added: “This is great news for home sellers who may have seen the value of their property plateau or even fall during the prolonged period of Brexit uncertainty that plagued the market over the last few years. With buyer demand now seeing a healthy increase, sold prices are likely to follow suit.

“With a higher property price tag, the rebound has been less pronounced in London, although the capital’s outer boroughs continue to perform well. As many of us continue to work from home, it’s likely that demand for central London homes will remain muted over the coming months and potentially into next year.”

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