London demand plummets

In February 55% of the properties listed in London had an offer accepted, yet this dropped to 50% in June and 41% in September.

In Wandsworth demand dropped by half from 55% in February to 28% in September, while it similarly declined in Islington and Lambeth (20%), Hackney (19%) and Ealing (12%).

Russell Quirk, CEO of online estate agent, 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.”

Throughout the UK the greatest positive demand shifts since June were in Medway (22%), Wiltshire (12%) and Bedfordshire (9%).

Over six months demand has also increased in East Riding (15%), Newcastle (11%), Kirkless (11%) and Glasgow (8%), while Liverpool, Rochdale, Oldham, Salford and Hull have seen a rise of 5%.

The best performing London areas were in the North West, with Hillingdon only registering a 6% drop and Harrow just 3% over six months.