This morning I thought I would take a look at two opposite areas of London to find out if there were any differences or similarities in relation to demand for properties in those areas.
There are a few different ways to measure demand, for example some people choose to look at the RICS measure’s of new homeowner inquiries, taken from a pool of estate agents. Others will try to infer demand based on the time it takes to sell a property (days on market) and others will try to use the ratio of the sold price to the asking prices of properties in a postcode.
Whilst REalyse does provide all of the latter I thought to look at the number of online search enquiries made by people around the UK looking for properites. Keeping track of thousands of search terms for thousands of areas of the UK can be quite a big task and thankfully the data goes back far enough to give us a good idea of which areas are becoming more popular.
Anecdotally we have seen that areas in which the number of online searches increase or decrease tend to have a knock on effect on asking prices and then sold prices after four and eight months respectively.
The first thing to notice is that the number of searches in Twickenham (orange) is significantly more than the number of searches made in Walthamstow (blue).
The other thing to notice is that online searches for Twickenham have been trending upwards for the past few years, whereas Walthamstow has remained relatively flat, with a suddent jump in the past six months.
Could Walthamstow be increasing in popularity, and if so, could prices there be likely to rise relative to Twickenham?
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