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London property demand down by 15 percent in Q3 while UK sees five percent increase - eMoov

05/10/2017 News Team

UK property demand has increased by five percent in Q3 of 2017 up to 38 percent nationally, having also increased by five percent in Q2, according to eMoov.co.uk.

The online estate agent’s latest National Hotspots Index analyses the balance between the supply and demand for housing stock, attributing a percentage score based on the level of stock available on the major property portals, to that which has already been sold.

Across the UK, Scotland has experienced the strongest growth in demand levels of eight percent in Q3 to 39 percent, while Wales has seen growth in buyer demand of seven percent. However, England has seen buyer demand fall by five percent in Q3 and in London, buyer demand levels has fallen by 15 percent down to 28 percent.

While the North East is the only region to see a lower level of buyer demand than London at 22 percent, the South West has seen the highest regional level of demand at 45 percent alongside the East of England (45 percent). Following these regions is the West Midlands (44 percent), the East Midlands (42 percent) and the South East (41 percent).

Wellingborough in Northamptonshire (East Midlands) has seen the largest level of buyer demand in the UK at 69 percent, joined by neighbouring town Kettering where demand is at 66 percent. St Edmundsbury in the East of England (65 percent), Solihull (63 percent) and Bromsgrove (61 percent) in the West Midlands also have higher buyer demands.

Completing the top ten towns for buyer demand are Daventry, Rhondda Cynon Taf, Forest Heath, Rugby (60 percent) and Ipswich (59 percent).

In London, Bexley is the top location for buyer demand (52 percent), followed by Havering (50 percent), Waltham Forest (46 percent), Barking and Dagenham (44 percent), Hillingdon (43 percent), Redbridge (42 percent), Sutton (40 percent), Ealing and Enfield (37 percent). In terms of the biggest increases in the capital, Ealing has seen a 46 percent increase since Q2.

At a county level in England, the city of Bristol is currently experiencing the highest demand at 57 percent. Lincolnshire has seen the largest increase in demand since Q2 of 12 percent and in second place, Cornwall has seen an increase of six percent.

However, East Sussex has experienced the largest drop quarter to quarter of 35 percent while County Durham is currently experiencing the least demand of 21 percent, a decline of two percent since Q2.

Russell Quirk, chief executive and founder, commented: “Yet more positive movement where UK buyer demand is concerned and movement that is certain to help keep prices buoyant, despite the slower market conditions seen over the last six months.

“We’ve highlighted a number of times, that while London might be under performing and tainting the overall picture for England, there is still an abundance of areas across the UK with high levels of buyer demand where it is business as usual for UK sellers and buyers.”

He added: “With sales transactions continuing to climb and buyer demand remaining strong, recent price adjustments are nothing to fear and are just that, adjustments appropriate to current market conditions.”

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