The biggest decline was recorded in Westminster, with demand dropping by 42% in comparison to February’s figures.
Westminster has the highest average property prices in the country (£1.7 million) and could see further decline in demand due to the stamp duty reforms and the possible introduction of Mansion Tax.
However, the London Borough of Bexley came out top with a 71% demand for property. As rising prices in the capital push more and more homeowners out of London, the resulting ripple effect has seen an increase in popularity in the surrounding commuter friendly areas.
Reading had the second highest demand for property at 67%, with Brentwood and Hillingdon also placing in the top ten with a 60% demand for property. Sutton (65%), Watford (64%), Guildford (63%) and Medway (56%) also made the top ten as commuter friendly towns close to the capital.
Russell Quirk founder and CEO of eMoov.co.uk said:
“Our latest data goes to show that the property market in London has cooled right down, most notably in Westminster. People are starting to sacrifice the London lifestyle and opt for areas further out to commuter zones. But who can blame them with the advancements in transport making the commute to London a darn site easier, people can reach Central London quicker than they can watch an episode of Grand Designs. This is evident with the ripple effect that’s spreading across the surrounding areas and even to the North with a staggering number of Northern locations enjoying a rise in demand. Although demand in December alone may have been lower in comparison to the South, overall the call for property in the North is increasing far greater than down South.
It’s also interesting to see those spots that may have declined in demand over the course of the year, but are very much growing in demand in the last month or so.
What will be even more interesting is when the next set of data is revealed whether or not the changes in Stamp Duty Tax have made a difference and which areas have benefitted most. Our prediction is the demand for property up North will continue to increase and London will continue to drop and possibly even stagnate.”
