The latest Property Hotspot Index by online estate agent eMoov.co.uk suggests the continue decrease in demand for property in London.
The statistics from eMoov.co.uk shows demand for properties across the 100 largest towns across the UK with insight into the percentage of properties sold.
In February 55% of all properties listed in London had an accepted offer on them, this dropped to 50% in June and in September this has slumped down to just 41%.
The Borough of Wandsworth in South-West London has for a long time been a favourite amongst Londoners, however the latest statistics show that Wandsworth has seen the biggest drop in the country over the last six months – demand has halved down from 55% in February to 28% in September. Wandsworth demand has dropped 17% since June and only one area has seen a bigger plunge: Croydon down 18% in the last three months.
Across the capital, property demand has seen dramatic decline in with Islington and Lambeth down 20%, Hackney down 19% and Ealing down 12%. The best performing area has been in the North West with Hillingdon only registering a 6% drop and Harrow just 3%.
Moving the focus away from London, the top three places on the Property Hotspot Index remained as Bexley, Sutton and Hillingdon.
The biggest three positive demand shifts since June have been Medway up 22%, Wiltshire up 12% and Bedfordshire up 9%.
Russell Quirk, CEO of eMoov.co.uk, said: “Once again the eMoov Property Hotspot highlights the growing trend of a London ice age. Eight of the top 10 biggest fallers in our index are areas within the South East which just highlights the shift in consumer confidence in the London market.
“Since June just 15 areas in the country have seen positive growth in demand. It’s not time to hit the panic button just yet, as seasonality plays some part here. There are some green shoots looking to the north of the country with demand still seeing growth.”
