The latest buyer demand index from Springbok Properties has found that UK homebuyer demand dropped -2.8% to 39.5% since Q2 as Brexit uncertainty continues to cloud the market.
Using data from the major property portals, Springbok looked at where has seen the largest levels of buyer demand across the UK’s 100 most populated towns and cities, based on the total ratio of the stock listed for sale and those homes that have already gone under offer or sold subject to contract.
Glasgow rules the roost
Glasgow, Scotland’s second biggest city, remained the hottest spot in the UK for property demand in Q3 at 59.5%, with Falkirk ranking second at 59.2%.
In England, Sale is currently the hottest, with buyer demand at 57.9%, followed by Bristol (57.4%), Worthing (55.3%) and Sheffield (54.6%).
While it slipped from the second spot last quarter with one of the largest quarterly declines in demand, Edinburgh still ranked seventh with current demand at 53.2%, followed by Dartford (51.7%), Stockport (51.2%) and Dudley (50.8%).
Basildon in Essex saw the biggest increase since Q2 (+4.7%), along with High Wycombe (+4.5%) and Bradford (+3.5%).
On the other end of the scale, Aberdeen (8.7%), Stockton-on-Tees (22%) and Derry (23.8%) are amongst some of the lowest areas for buyer demand across the UK in Q3, while Derry has also seen the largest drop quarter-to-quarter, down -10.7%.
How did London fare?
Despite the wider national slowdown, there’s a glimmer of hope for home sellers in the capital as demand crept up in Q3 to 29.5% from 29.2% previously.
Bexley (53.6%), Waltham Forest (51.3%) and Sutton (46.5%) ranked as the hottest for demand in Q3, with Greenwich (+3.7%), Hounslow (+2.6%) and Hillingdon (+2.6%) seeing some of the largest quarterly uplifts.
Meanwhile, the City of London was the coldest spot for current buyer demand at 8.3% and also saw the largest quarterly decline, down -7.4% since Q2.
“In the current political climate, it would seem that the further you move away from Westminster the more appetite there is amongst UK homebuyers and while demand continues to decline, on the whole, the aspiration for homeownership is alive and well in many areas of the UK,” Shepherd Ncube, founder and chief executive officer of Springbok Properties, comments.
“Those areas that will feel a direct consequence as a result of our European departure, such as the City of London, prime central London, and Northern Ireland, are certainly the areas feeling the brunt of market uncertainty at present.”
He concludes: “The likelihood is that come the fourth quarter of this year, we will see a further decline in demand levels as a mix of seasonality and a brace for impact cause many to wait until the dust has settled next year before looking to buy.”