Property News

Demand from UK buyers falls in opening months of 2017

Ryan - May 10, 2017
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Demand for property in the UK has slipped since the start of the year, with Wales seeing the largest fall, according to the most recent report from eMoov.

The report shows that demand from buyers is presently 33.8%- a fall of 17.56% since the end of 2016.

By UK country, demand stands at 39.4% in England, 36.18% in Scotland and by 27.35% in Wales.

Highest Demand

The eMoov index measures demand in 150 towns and cities and shows that the greatest levels of demand were in Rugby, Portsmouth and Bristol, standing at 68.29%, 66.7% and 64.43% respectively.

On the other hand, the lowest demand was found to be in Aberdeen (14.11%), Hartlepool (15.43%) and Middlesbrough (19.15%).

In 2017 to date, Stoke-on-Trent (82.25%), Stockton-on-Tees (77.5%) and Walsall (65.09%) have seen the greatest increases in buyer demand.

However, demand has been steadily falling in London commuter towns and cities. Guildford, Watford and Cambridge saw declines of 35.84%, 35.73% and 29.74%.

Demand from UK buyers falls in opening months of 2017

Demand from UK buyers falls in opening months of 2017

Affordability

Chief executive officer of eMoov Russell Quirk, said: ‘With many of the UK’s major cities becoming too expensive for homeowners in the region and travel infrastructure improvements allowing us to live further away from work, it is no surprise that places such as Rugby and Portsmouth have grown in prominence amongst UK buyers. It isn’t just those in London that are looking outside of the larger city boundaries and opting for more affordable towns in the surrounding area.’[1]

Mr Quirk also observed that buyer demand in London is down by 5%. Bexley has seen the most demand at 56.13%, followed by Newham at 51.82% and Havering at 50.51%.

The largest falls in the capital were in Greenwich (-60.83%), Lambeth (-57.62%) and Hounslow (52.69%).

Presently, Westminster has the lowest level of London buyer demand at 10.14%, which was followed by Kensington and Chelsea at 11.49%.

[1] http://www.propertywire.com/news/uk/demand-buyers-uk-falls-first-months-2017/