Demand for UK property falls towards the end of 2016

by Jason McClean

16:20 PM, 8th December 2016
About 2 years ago

Demand for UK property falls towards the end of 2016

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Demand for UK property falls towards the end of 2016

The midlands and northern regions of the UK have benefited the most despite property demand falling by 7% in total.demand

Six out of ten of the biggest leaps in demand occurred in these regions with Solihull in the top spot with demand having increased by 77%.

This is followed by Portsmouth at 67% and Bexley at 65% in second and third place respectively.

In Bristol demand is up 5%, 60% in Northampton, 59% in Medway and 58% in both Gloucester and Ipswich.

The top 10 locations with the highest demand at the moment are completed by Bedford and Edinburgh, both at 57%.

The research by eMoov indicates that the London market is slowing which could be put down to a lack of foreign interest following the EU referendum and as a result of an additional 3% stamp duty on second homes and buy to let properties.

“The index by eMoov shows that markets which have been previously considered as weak are experiencing a significant increase in demand from buyers. It is likely that there will be an increase in prices going in to 2017 in these regions,” said a spokesperson for Property 118’s landlord insurance provider Discount Insurance.

“For buyers purchasing new homes, second homes or rental properties, it is important that they get suitable cover in place to protect their new investments. This is particularly important during this time of year where cold weather can cause unforeseen damage,” added the spokesperson.

Areas outside of the top 10 to experience a demand increase by more than 50% over the course of the year include the Highland region in Scotland, Gateshead, Salford, Manchester and Hull.

The greatest decrease in demand occurred in Sunderland with a fall of 63%.

This was followed by Swansea (57%), Hounslow (51%), Lambeth (46%), Camden (45%), Southwark (43%), Shropshire and South Lanarkshire (42%) and Westminster and Aylesbury (39%).

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