The latest National Hotspots Index from online estate agent eMoov.co.uk shows that UK property demand rose during the third quarter (Q3) of this year, up by 5% to 38% nationally, having already increased by 5% in Q2.
The report looks at the balance between the supply and demand of housing stock in the UK, and attributes a percentage score based on the level of stock available on major property portals to that which has already sold.
Scotland has recorded the strongest growth in demand levels across the UK in Q3, up by 8% to 39%. Wales has also seen healthy growth, up by 7%, while England is the only nation to see buyer demand fall in Q3, down by 5% – a cooling in the London market largely drove this. The capital has experienced a decline of 15% in buyer demand over the past quarter, down to just 28%.
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 (45%), West Midlands (44%), East Midlands (42%) and South East (41%).
UK Property Demand Continues Upward Trend of 2017
The top 10 hottest areas
Wellingborough, Northamptonshire is currently seeing the highest levels of buyer demand in the UK, at 69%. Neighbouring town Kettering joins it, where demand is at 66%.
St Edmundsbury in the East of England (65%), and Solihull (63%) and Bromsgrove (61%) in the West Midlands are also enjoying a level of buyer demand above 60%.
Daventry, Rhondda Cynon Taf, Forest Heath, Rugby (all 60%) and Ipswich (59%), complete a top ten that – other than Rhondda Cynon Taf – is dominated by the Midlands and East of England.
Bexley remains at the head of the table for London buyer demand, at 52%, closely followed by Havering (50%), Waltham Forest (46%), Barking and Dagenham (44%), Hillingdon (43%), Redbridge (42%), Sutton (40%), Ealing and Enfield (both 37%).
While much of London has seen buyer demand cool off, Ealing has experienced an impressive jump of 46% since Q2. Hounslow has also seen an increase of 14%, with Havering (+3%), Wandsworth (+2%), Waltham Forest and Redbridge (both +1%) also seeing marginal growth.
The City of Bristol is the hottest county in England, with demand currently at 57%, while Lincolnshire has witnessed the largest rise in demand since Q2, up by 12%, with Cornwall second, following a jump of 6%.
East Sussex recorded the largest decrease in the quarter, of 35%, while County Durham continues a poor run of form as the coldest spot for buyer demand (21%), down by 2% on Q2.
West Lothian is the hottest spot for Scottish buyer demand (57%), with Edinburgh a close second (56%).
The City of Dundee has seen the biggest turnaround on Q2, with a rise of 21%, while it continues to be bad news in the City of Aberdeen, with a 37% drop in buyer demand, making it the coldest spot in Scotland, at just 7%.
Not only is Rhondda Cynon Taf one of the hottest spots in the UK, but the area also has the highest level of buyer demand in the whole of Wales – followed by Caerphilly (47%) and Cardiff (45%) – and has enjoyed the largest increase since Q2, up by a notable 82%.
Denbighshire has also enjoyed a significant uplift since Q2, of 49%, while Newport saw demand fall by 30%, now at just 36%.
At 20%, Gwynedd is the coldest spot for buyer demand in Wales, although it has experienced an increase of 7% since Q2.
The Founder and CEO of eMoov, Russell Quirk, comments: “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 continues: “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.
“Those predicting that a market crash is imminent are wrong to do so, and would find a greater degree of success trying to predict the latest Lottery numbers.”