North East least affected by property downturn – London Wallet

The property market in the North East seems the least affected by the general slowdown, according to new analysis.

House Buyer Bureau measured transactions as a percentage of for-sale stock in the three months to October 2023, compared to the corresponding period the year before, to give an indication of how demand has shifted.

Across England and Wales, proportional sales fell by 5.6%. There were 41,507 sales per month in the three months to October 2023, down from 43,130 the year before.

The most minor reduction happened in the North East, where sales as a percentage of stock only fell by 2%, while the transaction count increased by nearly 400.

The East Midlands saw demand drop by 7.4%, followed by the East of England and the South West, with 7% and 6.7% falls respectively.

In the East Midlands, sales per month dipped by around 300 year-on-year, while in the East of England and South West they fell by around 600 and 200 respectively.

Meanwhile, London saw a reduction of 3%, with transactions falling by around 300 annually.

Chris Hodgkinson, managing director of House Buyer Bureau, commented: “The housing market slowed in 2023, as struggles with affordability and rising mortgage rates put a break on demand.

“The positive is aspiring buyers have a chance to find a good deal in the current climate – potentially shaving some cash off the asking price now properties are no longer flying off the shelves.

“While there’s been a general slowdown in housing activity, the North East seems to be the most shielded from the economic slowdown, where demand seems almost as strong as ever.”