Property demand up 3% quarter on quarter in the UK
Property demand across the UK has increased to 39% in the third quarter of 2018, up 3% since the second quarter and up 6% year on year, the latest hotspots index shows.
The most notable change was seen in England with a 9% increase in the third quarter, the first time this year the country has seen positive movement, according to the data from hybrid estate agent Emoov.
As for London, demand has remained almost flat quarter on quarter, down 1%, and down 4% on an annual basis. Bexley is the hottest borough for current demand, while Hammersmith and Fulham has seen the largest increase both quarterly and over the last year.
The index also shows that across the UK’s 150 largest towns and cities demand is down by 3% quarter on quarter and 5% year on year. Edinburgh is the hottest city for current demand, while Durham has seen the largest annual increase.
Demand in the London commuter belt has also fallen, down 7% annually but remaining flat quarter on quarter and considerably higher at 40% currently than London at 27%. Ashford in Kent is the hottest spot currently, with Brentwood enjoying the largest quarterly increase and Waverley seeing the largest annual increase.
Although Scotland has enjoyed a consistent rise in demand throughout 2018, demand across the country is down 2% quarter on quarter and 5% year on year.
In Wales demand is up 7% jump quarter on quarter. Newport is the most in demand for Welsh home owners and third most in demand across the UK. It has also seen the fourth largest quarterly and annual change of the 150 UK cities and towns.
Emoov’s national hotspots index is a quarterly index detailing demand statistics across the UK. It’s the longest running index of its kind as it focuses on the demand levels instead of price growth in the UK, cities and the commuter belt into London.
The figures are based on the number of properties listed in a given area across the major property portals as sold subject to contract or under offer, as a percentage of total stock listed.
Russell Quirk, Emoov chief executive officer, pointed out that there are numerous areas where buyer demand levels remain very healthy. ‘Sellers should be reassured that any wider national picture of a slower market won’t impact a sale in these areas,’ he said.
‘In fact, these are the areas where the gap in price expectations between asking and sold price are far narrower and in many cases, sellers can expect to achieve above market price,’ he added.