4
Nov
£1 million-plus market 'high as ever'
The £1 million-plus housing market has not suffered from the
overall downturn in the property sector, according to one industry
expert.
Prickett & Ellis, one of the longest established estate
agencies in the world, has reported record prices in the top end of
the market, particularly in London.
Commenting on the situation, Nigel Ellis, senior partner at the
company, said: "[In] the £1 million-plus market, the prices
and the sale prices are as high as they have ever been."
He added that properties were being valued at the top-end of the
scale, claiming that this sector of the industry is now performing
better than it had been in 2007.
Mr Ellis puts the rise in prices down to the lack of supply
compared with demand for houses in this bracket, which is
triggering bidding wars and driving values up.
However, he commented that people "will pay what is the right
price" and is not concerned that the market will reach what he
called "silly" values.
In October, Primelocation.com released research which found that
the average asking price for properties in prime central London
locations had increased by 8.13 per cent over the past year to
£1.33 million.
