Demand for property across the United Kingdom has been the subject of another increase in the third quarter of this year according to the latest data, with a 3% increase from the second quarter leaving the current value at 39%.
According to Emoov’s data, this marks a year-on-year increase of 6%, with England leading the way with a 9% increase in what comes as the country’s first positive growth in 2018 with Wales trailing closely behind with a 7% quarterly and 10% annual increase. Scotland bucks this trend somewhat with a slight 2% dip in its quarterly demand, yet continues to see an uptick based on last year’s figures thanks to a 5% increase.
Despite England’s strong quarter, it’s the Scottish capital that tops the list of most in-demand town or city, with Edinburgh taking the crown thanks to a 5% increase that sees it sit at 59%. Durham has enjoyed the largest annual increase at 60%, whilst Brentwood took the prize for England’s impressive quarterly change with an impressive 33% increase in demand. Elsewhere, Newport in South Wales has rarely been in ruder health thanks to an annual jump of 44% and a quarterly increase of 16%, ending with an impressive 55%.
London cannot say the same and offers something of a mixed bag with its data, however; demand across the capital has dropped 1% this quarter and 4% annually, however the capital has seen an overall increase of 104%. Boroughs such as Wandsworth have seen house prices increasing above the London average, now at 21.9% above the London average.
“The numbers this month make welcome reading for home sellers in England, as demand is finally on the up again along with the UK’s as a whole,” offered Russell Quirk, Emoov’s chief executive.
“It’s the first time this year that we’ve seen UK demand driven by the English market while London and, perhaps more surprisingly, the commuter belt both take a back seat.
The commuter belt has been very hot for quite some time now and this consistently high demand has inevitably pushed prices up. However, this static level of demand is nothing more than a natural market adjustment, perhaps exacerbated by current market conditions, but certainly nothing to worry about in the long term.”
