The latest Property Hotspot Index by leading online estate agent Emoov.co.uk shows the continue decrease in demand for property in London. The statistics from Emoov.co.uk shows demand for properties across the 100 largest towns across the UK with insight into the percentage of properties sold.
In its latest statistics it highlights a cooling, if not a deep freeze to the London property market. In February 55% of all properties listed in London had an accepted offer on them, this dropped to 50% in June and in September this has slumped down to just 41%.
The Borough of Wandsworth in South-West London has for a long time been a favourite amongst Londoners, thanks to its beautiful parks and transport links. However the latest statistics show that Wandsworth has seen the biggest drop in the country over the last 6 months, demand has halved down from 55% in February to 28% in September.
Wandsworth demand has dropped 17% since June and only one area has seen a bigger plunge, Croydon down 18% in the last 3 months.
Across the capital, property demand has seen dramatic decline in with Islington & Lambeth down 20%, Hackney down 19% and Ealing down 12%. The best performing area has been in the North West with Hillingdon only registering a 6% drop and Harrow just 3%.
In our Property Hot Spot Index release in June, Medway, the epicentre of properties that would potentially be affected by Boris Island, saw the biggest fall in demand of all UK areas. However since that time it was widely regarded that the development plan would be rejected by the Airports Commission, which is was earlier this month. This has helped Medway bounce back and be the biggest mover in the Index, up 47 places into 4th with a demand of 59%.
Moving the focus away from London, the top three places on the Property Hotspot Index remained as Bexley, Sutton and Hillingdon.
The biggest three positive demand shifts since June have been Medway up 22%, Wiltshire up 12% and Bedfordshire up 9%.
The ripple effect of property prices looks to have made tremors in the north so far in 2014. East Riding leads the Index with demand growth up 15% in 6 months, with Newcastle, Sefton and Kirklees all up 11% and Glasgow up 8%. A whole host of northern towns have seen a rise of 5% including Liverpool, Rochdale, Oldham, Salford and Hull.
Property Expert Russell Quirk, CEO of online estate agent Emoov.co.uk commented “Once again the Emoov Property Hotspot highlights the growing trend of a London ice age. 8 of the top 10 biggest fallers in our index are areas within the South East which just highlights the shift in consumer confidence in the London market.
Since June just 15 areas in the country have seen positive growth in demand. It’s not time to hit the panic button just yet, as seasonality plays some part here. There are some green shoots looking to the north of the country with demand still seeing growth”.
During the last 6 months there have been only three areas in the country which have flat lined with 0% shift in demand. These areas are Swansea (27%), Sandwell (24%) and Stoke-on-Trent (27%).
The next release is scheduled for December, and Emoov have marked Newcastle as the one to watch thanks to its rise of 11% over the last 6 months with local area Gateshead up 6%.