Property

Property demand drops 6% in 2017

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27th December 2017

Property demand across the UK is currently at 34%, down 6% since the start of the year, according to eMoov research.

Its data found that the most in-demand town/city for property at present is Solihull at 65%, with Rugby (63%), Bristol (63%), Eastleigh (61%), Warwick (59%), Portsmouth (59%), Bromsgrove (58%), Kettering (58%), Kidderminster (58%) and Woking (57%) all also placing in the top 10 for highest current demand levels.

Rochdale (+56%) and Stoke-on-Trent (+53%) have seen the largest increase over the course of the year, while Aberdeen (-41%) and Shrewsbury (-36%) have seen the biggest drop.

A tough year for the London market has seen demand fall by 25% since the start of the year, now at 24% overall.

After seeing a huge uplift in demand post-Olympics, Newham has seen the largest drop in buyer demand in 2017, down -55%, joined by Lambeth (-45%) and Islington (-33%).

Demand across England is currently at 38%, down 6% over the course of the year. Bristol leads the way with 63% buyer demand, with Northamptonshire (51%) and Suffolk (50%) also seeing strong levels of buyer demand. Oxfordshire is still paying the price of its high property price tag with the lowest current demand at 13%, joined by County Durham continuing a poor run of form over the last year at 18%.

Oxfordshire has also seen the largest decrease since the start of the year, down 64%, while Hampshire has seen the largest uplift in buyer interest up 45% this year.

Across Scotland, buyer demand is currently at 34%, down 6% since the start of the year. The Scottish capital tops the table for current demand at 56% in Edinburgh, followed by West Lothian (55%), East Renfrewshire (53%) and Glasgow (52%).

Aberdeen continues to have a rough ride where buyer demand is concerned at just 8%, with the area also seeing the third largest decline over the year down 41%, beaten only by the Orkney Isles (-45%) and South Ayrshire (-43%).

Wales has bucked the trend across the rest of the UK, with demand levels increasing 13% to 31% currently.

Newport is currently seeing the largest levels of buyer demand at 56%, with Caerphilly (47%), Cardiff (44%) and Monmouthshire (43%) also enjoying strong demand. Denbighshire (18%) and Gwynedd (19%) are home to the lowest levels of demand.

Despite being the coldest spot at present, Denbighshire has seen the largest turnaround in demand this year, up 37%, while Wrexham has seen a fall of -16%.

Founder and CEO of eMoov, Russell Quirk, commented: “A marginal fall in demand over the last year reflects the tough market conditions that have been prevalent since the Brexit vote and it’s encouraging at least, that buyer demand has remained as high as it currently is.

"The diversity of the market means, of course, some areas have performed a lot better than others and the likes of Bristol, Solihull, Rugby and Edinburgh seem undeterred by previous market uncertainty, whilst parts of London for example that were cornerstones of price growth, have seen buyer demand drop right off.

"We’re confident that the market will now start to show signs of normality as we head into 2018 and leave an erratic year behind us. As this previous market sentiment grows, we will no doubt see buyer demand return to previous levels and prices follow suit.”

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