New data revealed on Monday that buyer demand dropped in Q3, though Glasgow remains the most highly demanded homebuyer location in the UK.
Springbok Properties released its latest Property Hotspots Index for Q3, looking at buyer demand levels across 100 spots in the UK and how this differs from Q2.
The data shows that UK homebuyer demand is at 39.5%, dropping by 2.8% since the last quarter, with the uncertainty surrounding the UK’s departure from the European Union continuing to “cloud the market”.
Indeed, the nation is just a day away from entering the month of the Brexit deadline and the only certainty that remains is additional uncertainty.
Meanwhile, Springbok Properties said that Glasgow remains the hottest spot in the UK for property demand in the quarter at 59.5%
Though there has been a wider slowdown across the nation, demand in London has risen slightly from 29.2% to 29.5% in the quarter, the data shows.
“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,” Founder and CEO of Springbok Properties, Shepherd Ncube, commented on the data.
“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,” the Founder and CEO continued.
“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.”