Property demand up 3% in Q2, says eMoov

Property demand up 3% in Q2, says eMoov

Hybrid estate agent, eMoov.co.uk, has released its National Hotspots Index for Q2 2016, monitoring property demand levels across the UK.

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.

The latest research found that national property demand has increased by +3% overall since Q1, now at 40%. But it's not good news for homeowners in the capital, with demand in London as a whole down -2% to 39%.

Despite the initial artificial spike in demand ahead of April's stamp duty deadline, the changes to tax brackets for second home and buy-to-let properties seems to have had a detrimental impact on London property demand.

Removing this decrease in the London market from the national picture sees the increase in demand for property elsewhere around the nation increase by a notable +8% since Q1, now at 40% overall.


Despite demand cooling across the capital, the London Borough of Bexley remains the hottest spot in the UK for property demand. At 71%, demand for property in Bexley is the highest across the UK, although it has cooled by -7% since the start of the year in line with the decrease felt across the capital as a whole. Outside of London, Bristol remains the hottest spot, with demand at 69%.

There has also been a resurgence for property demand across the North East after a tough year for homeowners in the region, with Stockton-on-Tees (+47%), North Tyneside (46%), Gateshead (+42%), Durham (+37%), Newcastle (+32%) and Sunderland (+23%) have all enjoyed some of the biggest increases in property demand since Q1.

Founder and CEO of eMoov.co.uk, Russell Quirk, commented:

“The changes to stamp duty tax brackets for those looking to secure a second home or buy-to-let property seem to have hit the London market harder than the rest of the UK.

"Despite London tending to drive the UK market as a whole, it would seem for once, it has taken a back seat whilst the rest of the UK has enjoyed upward growth on the first quarter of this year.

"That said national demand is still lower than the levels seen at the back end of last year and the big decider on which way it goes now will be Britain's choice to leave the EU.

"There has been a lot of talk about the consequence of this vote on the UK property market with many forecasting a detrimental impact on house prices. We don't believe this to be the case and I'm certain that come Q3, our index will show a further increase in property demand across the nation."

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

It depends on the people, some older adults decide to make a long-distance move in order to live closer to their children or settle in a place with a lower cost of living.

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brandonlee10
brandonlee10 24 Jul 2017

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IrisJ.
IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

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IrisJ.
IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

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cornishalan
cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

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