However, it's not all bad news as the latest research by Springbok Properties has identified areas across the UK that are bucking the wider market trends of uncertainty to register the higher levels of buyer demand.
Using data from the major property portals, Springbok looked at where has seen the largest levels of buyer demand across the UK’s top 200 most populated cities, based on the total ratio of stock listed for sale and that which has already gone under offer or sold subject to contract.
So if 100 properties are listed in total, but 60 have already sold subject to contract or are under offer, this area would score a demand percentage of 60%. A higher demand score indicates higher levels of demand as more properties have left the market as SSTC or under offer.
The data shows that the hottest spot for buyer demand in the UK right now is Falkirk with the ratio of properties listed as sold to those still for sale currently at 65%.
Glasgow ranks as the second hottest spot at 58%, with Sale in Greater Manchester in third (57%) before Scotland continues to dominate with Edinburgh in fourth place (56%).
Dartford in Kent and Dudley in the West Midlands are both home to a buyer demand percentage of 53%, while Bristol ranks in seventh at 52%. Walsall (51%), Sheffield (51%) and Coventry (49%) complete the top 10.
A dismal time for homeowners in Aberdeen continues as not only is it home to some of the largest drops in price, but buyer demand is at just 10%. Stockton, Sunderland, Middlesbrough and Darlington are also amongst some of the worst.
Having been hit by some of the highest levels of buyer uncertainty, it’s no surprise that London ranks as the UK’s sixth least in demand location amongst buyers at just 27%.
Looking at the capital, Bexley continues to remain strong for buyer demand at 51%, along with Barking and Dagenham and Waltham Forest. Westminster is the capital’s least in demand borough at 12% along with Kensington and Chelsea and Camden.
Shepherd Ncube, founder and CEO of Springbok Properties, commented: “With Brexit uncertainty taking hold on a national level, it’s interesting to see some of the less conventional areas coming to the forefront where buyer demand is concerned and these areas are certainly benefiting from a more business as usual attitude where home selling is concerned.
We’ve also seen the likes of Bristol weather the storm to remain popular amongst buyers although areas to enjoy similar levels of popularity haven’t been as lucky, with London’s fall from grace evidence of this.
Looking at the capital itself, the more affordable, peripheral boroughs remain in good favour with London home buyers but prime central London, in particular, continues to pay the price of over inflated prices driven by previous market conditions.”
