The latest index shows property demand in the UK has risen to 39% in the third quarter of 2018, which is a 3% rise from the second quarter and 6% increase year-on-year.
Emoov, a hybrid estate agency, recently released its quarterly hotspots index for the third quarter of 2018. As the longest running index of its kind, it focuses on demand statistics instead of price growth. Emoov’s Hotspots Index calculates the number of properties sold or under offer as a percentage of total supply in a specific area.
Despite property market headlines casting gloom lately, the UK as a whole saw a rise in property demand quarterly and annually, which is good news for sellers and investors. New data also shows the property market has seen a rise in sales, showing the market’s resiliency and indicating buyers are remaining confident.
England leads the way despite low numbers in London
For the first time in 2018, England led the UK’s property demand with a 9% rise both quarterly and annually. According to Emoov’s data, this is the first time England has seen positive movement so far this year. Wales followed with a 7% quarterly rise and 10% increase year-on-year, while Scotland’s demand fell 2% quarterly and rose 5% annually.
According to the index, demand in London dropped to 27%, which is down 1% quarterly and 4% annually. The capital’s most affordable boroughs have seen the highest demand. Additionally, the London commuter belt market has softened as it remained flat quarterly and fell 7% annually, showing the increase in property demand in England is mainly seen outside of the capital.
Russell Quirk, chief executive of Emoov, commented: “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. 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.”