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.
Unfortunately for those involved, the coldest spots in the UK continue to tell a familiar story. The declining oil industry in Scotland has hit parts of the country’s economy hard, as unemployment figures increase. Aberdeen has been amongst the worst affected and was the coldest spot in the UK for the second consecutive index with demand at just 10%, also joined by Highland (17%). Aberdeen has also seen the largest decrease in property demand over the course of 2015, falling more than anywhere else in the UK.
The North East continues to experience low demand for property with Stockton-On-Tees (13%), Sunderland (14%), Gateshead (18%), Northumberland (18%) and Durham (19%) all in the top 10 coldest spots.
eMoov’s Prime Central London Hotspots Index has monitored the demand for PCL property and its decline over 2015. It seems London’s most prestigious areas are still feeling the cold with the Royal Borough of Kensington and Chelsea and Westminster the London’s only entries to then top 10 coldest spots, with property demand in both boroughs at 16%.