• Demand for property increases by +9% across the UK in the last three months
• London commuter zones (Including Watford, Reading, Aylesbury and Guildford) dominate top 10 hottest spots
• Increased demand in North Tyneside (62%), Sunderland & Dudley (32%), South Lanarkshire (29%) and North Lanarkshire (26%)
• The North accounts for 60% of the nation’s top 10 coldest spots
The first supply vs demand snapshot of the UK post-election property market is showing a buyer appetite for property across the nation up by +9% in just three months, according to research released by online estate agent eMoov.co.uk, in their latest Property Hotspots Index, Q2 2015.
The research conducted by eMoov.co.uk records the change in supply and demand for the most populated locations across the UK, by monitoring the total number of properties sold in comparison to those on sale.
In the last three months since their Q1 Index was released, eMoov’s research has recorded an increase in property demand of +9% across the UK as a whole, as five more years of a Tory led government lay rest to property uncertainties in UK buyers and sellers.
Hottest Spots – Q2 2015
The top ten tells a familiar tale to Q1 with commuter zones around the capital continuing to flourish, outstripping the large majority of London boroughs for demand in property. Watford, Bristol, Reading (69%), Aylesbury (65%) and Medway (63%) all place high, with only Sutton and Bexley showing a higher demand for property.
One exception to this trend is Bristol (69%), remaining the fourth hottest spot for the second consecutive Hotspots Index in a row, with demand up +10% since Q1. Bristol remains one of the hottest spots outside of the South East due to the rich mix of city life, music, artistic culture and its abundance of waterways and green spaces.
Coldest Spots – Q2 2015
The North continues to dominate the top ten coldest locations, accounting for 60% of areas with the lowest demand for property in the UK.
County Durham (12%) continues to fall sharply with demand down -30% over the course of a year, making it the second coldest spot in the nation. Rochdale & Northumberland (17%) have also continued to cool, moving both locations up the table of coldest spots in June. They are also joined by Sunderland (18%), Oldham (19%) and Bradford (19%).
Westminster (15%) has also continued to decline, dropping a further -10% in demand and two places since Q1, to take the 3rd coldest spot in eMoov’s Q2 Index.
Biggest Changes – Q2 2015
It’s not all doom and gloom for the North, although Sunderland may rank as the 7th coldest spot in the UK, demand in the area has risen by a notable +32% in the last three months. Beaten only by North Tyneside which has seen demand increase by +62% since Q1.
Demand is also on the up in Scotland, as South Lanarkshire (+29%), North Lanarkshire (+26%), Fife (+22%) and Highland (+22%) have all enjoyed increased demand for property since Q1
Westminster isn’t the only London borough to see demand decrease. Ealing has witnessed the largest fall in the last three months, with demand plummeting by -36%. Brent and Hounslow also fell by -4% and Oxford is the only commuter zone to see a decrease, as demand falls by -8%.
Over the last year
Since Q2 2014, Medway has enjoyed the biggest increase bouncing back from the potential airport threat with an increase of +70% in demand. Scotland has also performed strongly over the course of the year as Fife (+42%), South Lanarkshire (+22%) and North Lanarkshire (+15%) are not only amongst the highest climbers from Q1 to Q2, but also over the course of the last 12 months as well.
They are also joined in the top 10 by Wiltshire (+48%), Sefton (+45%), Bedfordshire (+38%), Tameside (+25%), Bolton (+18%) and Bradford (+16%).
Some of those amongst the worst performing areas between Q1 and Q2 have also seen the greatest decline in demand over the course of the last 12 months. These include Calderdale (-58%), Westminster (-58%), Ealing (-47%) and County Durham (-30%).
They are joined by Islington (-30%), Wandsworth (-28%), Lambeth (-26%), Newham (-25%) and Barnet (-24%), as London boroughs account for 70% of year’s biggest fallers. Aberdeenshire (-40%) was the only Scottish entry in the top ten biggest fallers in the last 12 months.
Founder and CEO of eMoov.co.uk, Russell Quirk, commented:
“The UK property market definitely seems to have experienced a post-election bounce. With demand up +9% nationally, people are clearly more confident about buying now that the next five years of government has been decided.
It’s interesting to see the demand for commuter zone property continuing to grow. With London demand falling, property owners wanting to see an increase in their property price, might want to sell up and head a few miles out of the capital. “