Buyer demand continues to trend upwards across most of the UK
Demand for homes in the UK increased by 5% in the third quarter of 2017, following a 5% rise in the previous quarter, the latest national hotspot report shows.
Scotland has seen the strongest growth in buyers demand levels, up 8% and Wales has also seen healthy growth in buyer demand, up 7%, whilst in England demand fell by 5%, according to the analysis from online estate agent eMoov.
The index, which looks at the balance between the supply and demand for housing stock and attributes a percentage score based on the level of stock available on the major property portals to that which has already sold, also shows that London’s reduced buyer demand makes it one of the coldest regions in the UK, with just the North East seeing a lower level at 22%.
The South West is currently enjoying the highest level of buyer demand at 45%, along with the East of England, also at 45%, followed by the West Midlands at 44%, the East Midlands t 42% and the South East at 41%.
Wellingborough in Northamptonshire is currently showing the largest levels of buyer demand in the UK at 69% followed by Kettering where demand is also at 66%, while in St Edmundsbury it is 65%, in Solihull 63% and in Bromsgrove 61%.
Bexley remains at the head of the table for London buyer demand at 52%, closely followed by Havering at 50%, Waltham Forest at 46%, Barking and Dagenham 44%, Hillingdon 43%, Redbridge 42%, Sutton 40% and then Ealing and Enfield at 37%.
While much of London has seen buyer demand drop off, Ealing has seen a 46% increase since the second quarter of the year while Hounslow is up 14%. Smaller increases were seen on other boroughs with Havering up 3%, Wandsworth up 2%, and Waltham Forest and Redbridge both up 1%.
Bristol is the hottest county in England with demand currently at 57%, while Lincolnshire has seen the largest increase in demand quarter on quarter with a rise of 12% and Cornwall up 6%.
East Sussex has seen the largest drop quarter on quarter with a fall of 35% while County Durham continues a poor run of form as the coldest spot for current demand with a fall of 2% to 21%.
West Lothian is the hottest spot for Scottish buyer demand at present at 57% with Edinburgh second at 56%. Dundee has seen the biggest turnaround with a rise of 21%, but Aberdeen is down 37% making it the coldest area in Scotland at just 7%.
Rhondda Cynon Taf is of the hottest in the UK and has the highest level of buyer demand in Wales at 82%, followed by Caerphilly at 47% and Cardiff at 45%. Newport has seen demand fall off by 30% to 36%. At 20%, Gwynedd is the coldest area in Wales although it has seen an increase of 7% quarter on quarter.
Current demand is certain to help keep prices buoyant, despite the slower market conditions seen over the last six months, according to Russell Quirk, chief executive officer of eMoov.
‘With sales 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. Those predicting that a market crash is imminent are wrong to do so,’ he added.