Demand is strong in U.K. property market

Inflation, rising borrowing costs and global uncertainty may be a factor that are starting to affect the U.K. real estate market, but demand was strong through the second quarter.

According to GetAgent, the proportion of stock listed as sold as a percentage of all stock listed for sale was 63% in the first six months of the year. The London-based estate agent comparison website shows that it's down just 1% quarter over quarter.

Colby Short, co-founder and CEO of GetAgent, said in the report that the property market has performed very well this year despite wider economic turbulence and house prices remain at all-time highs due to the imbalance between homebuyer demand and available stock. Demand levels remain extremely high across the majority of the market and it seems that not even the threat of increasing interest rates and record levels of inflation can deter the nation s homebuyers from their aspirations of homeownership. Bristol, in the South West region, had the biggest buyer demand, with 78%, followed by Northamptonshire, in the East Midlands, where demand was up 72%, according to the data.

Four districts are tied for third on the ranking, all of which have registered buyer demand of 70%. Three of those areas are in the South West region - Bath and North East Somerset, Wiltshire and Gloucestershire - while the fourth, Hampshire, is in the South East.

London had the lowest demand, at 48%, according to the report. Interest was up 7% compared to the first quarter.

The London property market has been more muted of late when we see almost half of all homes listed for sale being snapped up, which indicates that the capital is far from on its knees, Mr. Colby continued.