Property demand increases across UK leaving out London

HouseDemand for property in the UK has increased by 3% overall since the first quarter of the year but it is down by 2% in London. According to eMoov’s report, despite the initial spike in demand caused by April’s stamp duty deadline, the changes to tax range for second home and buy to let properties had an unfavorable impact on London property demand. Apart from this decrease in the London market, there is increase in demand for property elsewhere around the nation increase by 8% since the first quarter of 2016, taking it to 40% overall.

Russell Quirk, chief executive officer of eMoov, says: “The changes to stamp duty tax range for those looking to secure a second home or buy to let property seem to have hit the London market harder than the rest of the UK. Despite London driving the UK market, the rest of the UK has enjoyed upward growth on the first quarter of this year. There have been a lot of predictions about the consequence of EU results on the UK property market with many forecasting a unfavorable impact on house prices. But experts do believe that by the third quarter there will be a further increase in property demand across the nation.”

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