Emoov – Property demand up in the UK
Data from online estate agent Emoov shows that demand for property in the UK rose 3 per cent in Q3, or 6 per cent on an annual basis.
The Hotspots Index measures the number of properties that are sold or under offer as a percentage of total stock listed in a given area.
Registering a positive movement for the first time in 2018, England led the charge, with a rise of 9 per cent on a quarterly basis (and 9 per cent annually too), while Wales saw a quarterly rise of 7 per cent and an annual rise of 10 per cent. Scotland dropped 2 per cent and rose 5 per cent within the same time frames.
Measuring the UK’s 150 largest towns and cities revealed demand falling by 3 per cent in Q3, and dropping 5 per cent on an annual basis.
London as a whole saw demand fall 1 per cent over the quarter and 4 per cent over the year, but within the capital, demand in Hammersmith and Fulham jumped 25 per cent over the quarter, an annual increase of 104 per cent.
The commuter belt also saw demand soften, registering no change on a quarterly basis, but being down 7 per cent annually. Diving into the data further reveals Brentwood racking up a quarterly rise of 33 per cent and 24 per cent in Maldon, both in Essex.
The biggest annual increases in the third quarter were Durham, with an annual change of 60 per cent, and Hereford, at 49 per cent.
Emoov chief executive Russell Quirk says: “[This is] the first time this year that we’ve seen UK demand driven by the English market while London and perhaps more surprisingly, the commuter belt both take a back seat.
“The commuter belt has been very hot for quite some time now and this consistently high demand has inevitably pushed prices up. However, this static level of demand is nothing more than a natural market adjustment, perhaps exacerbated by current market conditions, but certainly nothing to worry about in the long term.
“As always, there are a wealth of areas where buyer demand levels remain very healthy and home sellers should be reassured that any wider national picture of a slower market won’t impact a sale in these areas.”
Source: Mortgage Strategy