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, on average across the nation, was increased by +14% overall.
However, this increase wasn’t enjoyed everywhere. Parts of Scotland, particularly Aberdeen, saw housing demand plummet by -31% over the past year. It appears that the ongoing decline of oil prices has hit the Aberdeen economy hard, resulting in a knock on effect to property demand.
With demand down -22%, Stockton-On-Tees has suffered the second largest drop in property demand over the course of 2015. Coming close behind Stockton-On-Tees, is Oxford. In the past year this city’s demand has tumbled by -21% and it would seems that it has paid the price for its title of ‘most unaffordable spot in the UK’.
Shropshire and Gateshead are almost neck and neck in the biggest fallers this year, with both of their demand plummeting by -19%. These two cities come in as the fourth and fifth biggest fallers, completing the top five in 2015.
In London, the boroughs of Southwark (-10%) and Wandsworth (-9%) are accountable for two thirds of London’s contribution to the year’s biggest fallers. Camden is also awarded the undesirable accolade, and although it has seen demand increase in Q4 of 2015 (increasing +15%), it is still a far cry from 2014, taking the 10th spot for the biggest decrease year on year (-8%). These boroughs boasts an average house price which is considerably higher than the London average, and as a result, they have experienced large reductions in property demand.
Durham (-15%) and Walsall (-9%) complete the biggest fallers of 2015.