Across the UK property demand has fallen by 7% overall with the Midlands and northern regions benefitting the most, new research shows.
Six out of the 10 biggest increases in demand are located in these regions, according to the hotspots index from online estate agent eMoov.
While the average is 38%, Bexley at 65% has fallen to third from the top where the spot is taken by Solihull with 77% then Portsmouth at 67%. Demand is also high at 65% in Bristol, at 60% in Northampton, 59% in Medway and 58% in Gloucester and Ipswich. While Bedford and Edinburgh both at 57% complete the top 10 locations with highest demand at present.
The research points out that the London market is slowing due to a combination of second home stamp duty tax and a lack of foreign interest post-Brexit.
Stockport in the North West has seen the largest demand increase with growth of 126% in 2016, followed by Stoke on Trent at 112% and Sutton at 110%. Demand is Sheffield has increased by 99% in the last year with Sandwell up 83% and Solihull up 79%.
Outside of the top 10, the Highland region in Scotland, Gateshead, Salford, Manchester and Hull also saw demand increase by more than 50% over the last year.
The biggest in demand were in Sunderland with a fall of 63%, followed by a drop of 57% in Swansea, Hounslow down 51%, Lambeth down 46%, Camden down 45%, Southwark down 43%, Shropshire and South Lanarkshire down 42% and Westminster and Aylesbury down 39%.
According to Russell Quirk, chief executive officer of eMoov, the last year has been a leveller where the property market is concerned with many of the so-called weaker markets seeing a spike in buyer demand, which will result in a healthy increase in prices going into the New Year.
‘Worrying for home owners are locations such as Aylesbury, Hounslow and Camden which were ranking consistently quite highly where demand is concerned, but this seems to have dropped off considerably during the fourth quarter of the year,’ he added.
