A report by Zoopla has given analysts much food for thought amid news that Edinburgh and Croydon have leapfrogged Central London as the most sought-after property markets in the UK. Central London is still in third place with a credible 77% more interest amongst buyers than the average UK property. However, Croydon and Edinburgh are now the most in demand property markets in the UK with some other interesting facts and figures in this research.
Most sought-after property markets
Even though Scotland has been struggling with both economic and political uncertainty, Edinburgh is the U.K.’s most sought-after property market with 145% more interest amongst buyers than the average property in the UK. Croydon is number two with 104% followed by London with 77%. The top ten is made up of Glasgow with 67% more interest, Leicester 56%, Birmingham 55%, Swansea 42%, Reading 39%, Milton Keynes 33% and Coventry 10th on the list with 32% more interest than the average property in the UK.
Many may find it surprising that Edinburgh is the most sought-after property market in the UK especially when you bear in mind the difficult economic environment in Scotland. However, there is a growing belief that potential problems with Brexit and London, and a possible independence referendum in Scotland, could see Edinburgh become the next financial hotspot for banks, brokers and other financial institutions. Even though this may be some way off, if it ever does happen, it is interesting to see that Edinburgh property prices have bounced and demand is extremely high.
Least sought-after property markets
The north-west of England seems to be struggling with the Preston property market registering interest from buyers which is 55% less than the UK average. Next on the list we have Wigan at -51% and making up the top 10 is Newport (South Wales) at -51%, Warrington -51%, Doncaster -48%, Telford -48%, York -48%, Chesterfield -46%, Stockport -44% and Derby -41%. Preston, Wigan, Warrington and Stockport would seem to indicate that the north-west property market is struggling in parts. Are we starting to see the re-emergence of the North-South divide?
The apparent struggles of the north-west market are quite surprising when you bear in mind that recent research has indicated a resurgence in northern property markets – where there are significant rental yields available. It may be that this growing demand for northern property has not yet filtered right across the area – although perhaps the run-up to the general election and the ongoing Brexit negotiations are impacting interest on the ground?
UK property market
There are some interesting movements in the most sought-after and the least sought-after league tables produced by Zoopla. There is every chance that London’s fall to 3rd place in the most sought-after league table will be short lived in the event of a successful Brexit deal but we will need to see you what happens. It is no surprise to see Edinburgh making headway because this has always been a popular Scottish property market and it seems that overseas investors and others in the UK could now be turning their sites on the city.