Last week it was reported that rising house prices in the capital have hit a four year high, but new statistics for the UK’s leading online estate agent eMoov.co.uk show demand for property in the capital is on the decline.
The Property Hotspot League from eMoov.co.uk shows demand for properties across the 100 largest towns across the the UK with insight into the percentage of properties sold.
In the latest research which compares demand for properties in February 2014 vs July 2014, shows that 14 of the top 20 fallers were found within the London area.
Both Islington and Hackney saw the biggest decline down 11% each with Wandsworth down 9%. Lambeth and Lewisham are both down 4% despite recent claims of booming property prices.
The only central London area to buck the trend is Greenwich which has seen an increase of 4.7% on sold properties, which is likely to continue thanks to the £250 million regeneration scheme in the area which started back in 2012 and continues until 2018.
Property Expert Russell Quirk of eMoov.co.uk commented “It is clear that we are seeing a distinct cooling off in London. With exception of Greenwich and Bromley and the high flying areas of Sutton and Bexley 6 months ago the majority of London areas are seeing a relaxing of demand. For too long London sellers have ridden the crest of the capital’s unsustainable house market rises and buyers have had enough.”
Edinburgh, Scotland’s capital, is seeing a mini ‘Londonesque’ boom in the Property Hotspot League. It is now the hottest place to buy property in the UK with prices likely to continue to rise based on the limited availability of properties on the market. Demand is up over 20% within the last 6 months alone with over 50% of properties on the market now sold. Glasgow and Aberdeen have also benefited with a rise of 10% and 7.7% respectively.
Portsmouth is 4th in the overall league table with 63% of all properties in the area listed as sold, this is up from 55% in February. Russell Quirk commented “Portsmouth is up due to the council’s regeneration scheme launched in 2010 that has now come to fruition. The resulting re-development of various parts of the City has led to a significant increase in demand for the area.”
Other big risers in the Property Hotspot League were Nottingham where demand was up 11% and a number of northern locations including Doncaster up 8.3%, Stockport up 7.9% plus Hull, Wigan and York up 6%.
The area to watch according to eMoov.co.uk is Salford. With large amount of jobs generated by the BBC and property prices in Manchester seeing a rise in recent years, the area is bringing in a middle class regeneration and we expect to see increased desirability in the area, with demand and prices rising accordingly.
View the interactive map at http://bit.ly/emoovHotSpots