New research from London estate agency Benham and Reeves reveals a strong rise in buyer activity across nearly every county in England, as falling interest rates and improved mortgage affordability help revive market momentum.
The study, which tracked homes listed as sold subject to contract (SSTC) between Q1 2024 and Q1 2025, found that buyer activity has increased by an average of 3.7% per quarter across England. According to the agency, all but two counties have seen demand rise consistently over the past year.
Lincolnshire recorded the strongest growth, with homes securing a buyer at an average rate of 6% per quarter, followed closely by Cumbria, which posted a 5.9% rise, and Rutland at 5.5%. Cheshire, Worcestershire, Essex, Oxfordshire, East Riding of Yorkshire, Leicestershire and Warwickshire also experienced sustained quarterly growth, with average increases ranging between 4.9% and 5.4%.
In contrast, just two counties saw declines. The City of London recorded a fall of 6.2% per quarter, while Gloucestershire experienced a smaller average quarterly drop of 2.9%. Despite the slowdown in the Square Mile, Greater London as a whole saw a rise in buyer activity, with a 3.6% increase per quarter.
Commenting on the findings, Marc von Grundherr, Director of Benham and Reeves, said: “Stability has been key in tempting buyers back into the fold. With interest rates stabilising and now falling, improved mortgage affordability has helped drive the market forward.”
He added that the consistent increase in homes going under offer reflects growing consumer confidence, especially as the Bank of England’s recent rate cut to 4.25% and anticipated further reductions later this year are expected to continue easing the cost of borrowing.
“The trajectory of buyer demand suggests we’re heading into a more active period,” von Grundherr said. “As confidence builds and affordability improves, buyer activity is likely to strengthen further, supporting continued house price growth.”
The findings align with broader industry sentiment that the UK housing market is entering a more positive phase, following a turbulent period of rate hikes and economic uncertainty. With more stable financing conditions and growing demand, 2025 may mark the start of a more sustained housing market recovery.
