Property hotspots in Yorkshire revealed

DEMAND for property has increased in Northern cities, with double digit percentage growth in Bradford and Sheffield.

Online estate agent eMoov released its last Hotspots Index of the year, detailing the largest increases and decreases in property demand across the UK.

The index attributes a percentage score for each area based on the level of stock available on the major property portals, to that which has already sold, before calculating the total change.

It said that the London market was slowing due to a combination of second home stamp duty tax and a lack of foreign interest post-Brexit. Benefitting from London’s decline are the Midlands and the North and both have seen from the greatest increase in property demand.

Although there are no Yorkshire cities in the top 10 highest demand, two regional cities are on the list ranking those places with the biggest growth in demand.

In Yorkshire, Sheffield topped the list with 99% growth in property demand said eMoov.

Bradford also made the top end of the list, with property demand growing 67%.

Outside the to 10, Hull, along with Gateshead, Salford, and Manchester also saw demand increase by more than +50% over the last year.

In the North West, Stockport was the biggest grower, with demand increasing in the triple digits to 126%. Stoke-on-Trent (112%) in the West Midlands and London’s only entry in Sutton (+110%) also saw triple digit demand growth.

The data shows that nationally, property demand has fallen by -7% overall, now at 38%.

In the UK top 10, Bexley (65%) drops to third from its usual top spot, toppled by Solihull (77%) and Portsmouth (67%). Demand is also 65% in Bristol with Northampton (60%), Medway (59%), Gloucester (58%), Ipswich (58%), Bedford and Edinburgh (57%) completing the top 10 places in highest demand.

With six out of the top 10 biggest increase located here, it would seem the engines of the Northern Property Powerhouse are being stoked by UK buyers and the more affordable price of property could see it steam ahead moving into 2017.

The biggest decreases where demand is concerned were seen in Sunderland (-63%), Swansea (-57%), Hounslow (-51%), Lambeth (-46%), Camden (-45%), Southwark (-43%), Shropshire (-42%), South Lanarkshire (-42%), Westminster and Aylesbury (-39%).

eMoov founder and chief executive, Russell Quirk, commented: “A tough year for the UK market but it has come through it relatively unscathed.

“Although changes to second home stamp duty thresholds and the Leave vote may have tainted demand slightly due to an air of uncertainty, there seem to be a number of areas that have benefited with the market almost turned on its head in terms of desirability to buyers.

“2016 seems to have been a bit of a leveller where the property market is concerned, with many of the so-called “weaker” markets really seeing a spike in buyer demand, which will, in turn, result in a healthy increase in prices going into the New Year.”

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