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.
Once again, over the course of 2015, London’s outer boroughs and commuter belt remained hot for property demand. Just like in Q3, Bexley is the top spot for property demand of all location across the UK, still at 79%. Also ranking highly is the east of the capital with Havering at 71% and Barking and Dagenham at 68%. Heading west, demand is still high with Hillingdon at 66% which is matched by Sutton south of the river.
Each of the boroughs making the top 10 hotspots currently offer an average house price below the London average. However, as the capital’s outer boroughs continue to grow in demand, these five will be the ones to watch in 2016, where an increase in prices is concerned.
Property in the commuter belt is still strong and continues to increase in demand, Cambridge (75%) climbs from seventh to the second hottest spot in the country. Watford (71%) and Guildford (65%) both retain their top 10 status and are joined for the first time by Bedford, where demand is currently at 67%.
Bedford may seem too far from the capital to be classed as commutable for some, but a high speed rail link of under 40 minutes to St Pancras makes it a realistic option for many, highlighting the growing expansion of the London commuter belt for the average homebuyer.
Bristol remains the only area outside the South East to clinch a place in the top 10. With demand at 74% it retains its title as the third hottest spot in the country which has been consistently strong throughout 2015. An undeniable factor in this city’s increasing property demand, is the continuing development of its airport. As one terminal expansion has been completed, and another due to be this year, passengers flying from this airport has risen by 4.8 million in 17 years.