Homebuyer demand dipped by 5.7% during the first quarter of 2023, with the market also remaining 21.6% off the pace when compared to this time last year, according to the latest Homebuyer Demand Index by GetAgent.

However, the index also shows that 42.6% of all homes listed across England this year have already found a buyer.

The City of London is the only area that has seen a boost in demand for Q1, with a 4.2% increase in buyer activity when compared to the closing stages of 2022.

Durham has seen the largest quarterly reduction in demand, down by 10.9%, with Rutland (10.9%), Somerset (8.8%), Suffolk (8.8%), Northamptonshire (8.4%), Essex (8.4%) and the Isle of Wight (8.4%) also among some of the largest quarterly reductions in buyer activity.

Every county of England has seen an annual decline in buyer demand versus the far busier market seen at the start of last year.

The Isle of Wight has seen the largest annual decline at -32.7%, although Lincolnshire (-30.3%), East Riding of Yorkshire (-30.3%) and Northamptonshire (-30.2%) have also seen annual reductions of more than 30%.

Despite the decline, the current demand for homes remains strong across the country, particularly in Bristol, where 61.1% of all homes listed for sale have already been purchased.

South Yorkshire, Tyne and Wear, Wiltshire, and Hampshire are also among the areas with high levels of current homebuyer demand, ranging from 48.2% to 48.4%.

Colby Short, CEO of GetAgent, commented: “Given the pace that the market has been moving at since the pandemic, it was inevitable that a reduction in buyer market activity would materialise at some point.

“However, it’s fair to say that this reduction was brought about more abruptly than anticipated following last September’s mini budget.

“The good news is that the overall health of the market remains robust and we’re still seeing around half of all homes listed being snapped up by buyers across the vast majority of counties.”