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Property News > Demand for property rises in London, but Wales and Scotland have largest increase
Demand for property rises in London, but Wales and Scotland have largest increase
Property demand continues to rise in London, but demand has slowed down in commuter locations around the capital. The latest index also shows that Wales and Scotland are outperforming the rest of the UK. The national hotspots index from hybrid estate agent Emoov calculates the number of homes listed, and the percentage of which are sold. They found that the overall UK average was 38% - a rise of 8%, but up just 3% in England. Meanwhile, Scotland and Wales saw rises of 8% and 10% respectively. In London, demand is up 2% since the beginning of 2018, but demand in commuter zones fell by 8%. The research also shows Edinburgh to be UK’s most in-demand city at 62%. In Wales, property demand since the start of the year reaching 34% in the second quarter. Scotland has seen an 8% change, while England changed by just 3%. The index report points to higher prices across England as a possible reason for this, as activity at the higher end of the market has become subdued to to market uncertainty. Across the UK’s major towns and cities, demand has risen by 1% on average since the start of the year, with Durham topping the list with increases of 60%, following a consistent decline over the previous year. The report explains that home buyers are moving to peripheral commuter belts around London in their droves as a result of the escalating levels of unaffordability in the capital. However, the influx of buyers appears to be slowing down after an initial spike in demand for property in these peripheral towns, with demand dropping 7% since the start of 2018 to 39%. Tandridge is the hottest spot at 42% demand and has seen an uplift of 30% already this year.Within the capital, demand remains highest in the borough of Hammersmith and Fulham, at 71%. The biggest increases have been in central London’s prime property markets. Meanwhile, demand is currently at 45% in Bristol, while Berkshire is now 50%, representing the biggest change in demand of any region in 2018. In Wales, Newport is the most sought-after location, and in Scotland, East Renfrewshire tops the list with demand at 63%. ‘Things appear to be looking up in London with the first positive signs of demand growth in over a year, surprisingly driven for the most part by prime central London. The capital is always the first to show signs of decline due the higher price tag but it would seem that despite slower market conditions, there is still an appeal for living in the capital,’ said Russell Quirk, chief executive officer of Emoov.‘Market uncertainty is still dampening buyer appetite elsewhere across the nation though as demand in the UK’s larger urban towns and cities has cooled. The London commuter belt has also been on fire for quite some time but has dropped the pace a little in 2018. It is inevitable that such a sustained level of demand will eventually drive prices up and so this slight correction is nothing to worry about,’ he pointed out.‘However, there are positive signs across the board for UK demand and indicators that the market is starting to find its feet again. The more affordable spots across the nation are seeing notable uplifts in buyer demand, and in turn price growth, and as stability builds the upper ends of the market should start to follow suit,’ he added.