The latest Property Hotspots Index, produced by eMoov, 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.
National property demand remained static during Q4 of 2015 (41%), showing no movement from Q3. However over the course of last year, demand for property across the nation increased by +14% overall.
Unsurprisingly over the course of the year, London’s boroughs were up there with some of the highest climbers for property demand in 2015.
The London Borough of Hounslow enjoyed the largest growth in demand between Q3 and Q4, with demand for housing increasing by +50%. With overall prices having increased by 12% over 2015, this trend looks set to continue in the future.
This seems to be the direct result of the ongoing infrastructural and economics developments throughout the borough. Hounslow’s close proximity to the Crossrail development and the delayed decision of the third runway at Heathrow, will almost certainly see this increasing demand continue.
Alongside Hounslow, Camden has also enjoyed an increase in demand in Q4 of 2015. The demand in this borough has increased +15%, however, it is still a far cry from 2014, taking the 10th spot for the biggest decrease year on year (-8%).
Despite being home to one of the most expensive average London house prices, Richmond upon Thames has also seen demand for property increase, up +17% since Q3.
Leicester seems to be enjoying more than its football team’s current Premiership form, with property demand up +43% over the quarter and +62% year on year, it’s the second highest climber since Q3 and the third during 2015 overall. So it would seem whilst Vardy was on course to break a Premier League scoring record, property demand in the city was enjoying a similar run of form.
To the North West, demand in Wirral is up +36%, Wigan has also seen an increase of +15% and Oldham is not far behind, up +14%. All make it into Q4’s top 10 highest climbers since Q3. It also appears that there is a glimmer of hope for an otherwise poor performing North East, with Northumberland seeing an increase of +20% despite making the top 10 coldest spots, joined by North Tyneside (+17%).