Property demand falls despite stamp duty rush

Property demand falls despite stamp duty rush



Property demand across the UK fell 5% during Q1, according to the online estate agent eMoov.


Despite the rush to beat the stamp duty deadline, eMoov’s latest Property Hotspots Index found that the UK market had slipped back in the first three months of this year.

Russell Quirk, founder and CEO, said: “Interesting to see that despite the rush ahead of April’s stamp duty deadline, the UK market as a whole has cooled during the first quarter of the year.

“Although it’s undoubtedly a seasonal influence due to the festive period, it would seem that those looking to push through a second home or buy-to-let purchase, didn’t have the overall demand impact that many thought they would.”

Ipswich, Milton Keynes and Medway made it into eMoov’s Top 10 hottest locations for the first time while locations in the northern powerhouse such as Wakefield, Bradford and Leeds also saw high demand.

“Our local property directors in both Leeds and Bradford have been rushed off their feet of late with the number of valuation requests they’ve received, so it would seem a good time to sell if you’re a homeowner in Yorkshire,” said Russell.

“There’s also reassuring news for homeowners in Aberdeen and Durham. 

“Both have had a hard time of late and so the news that demand for property in each is on the up should come as welcome news to many. 

“Neither are out of the woods just yet, but the reverse in previous downward trends is better than a slap in the face, that’s for sure.”

Russell also expressed surprise at a 68% increase in demand for properties in Bristol

“It’s fascinating how Bristol has remained hot for a long time now,” added Russell. 

“It isn’t necessarily the first place you think of in terms of property demand outside London and the South East, but as this research proves, it clearly has the right mix of ingredients to attract strong demand from UK buyers on a consistent basis.”

Elsewhere, the London boroughs of Westminster and Kensington and Chelsea were the coldest property spots in the UK respectively with eMoov saying that prime central London property demand was almost non-existent.
 


Leave a comment