Prime property beats recession

Thursday, 26 April 2012 09:11

Prime property asking prices in the UK have increased by 22 per cent since recession hit in 2007.

According to Prime Location’s property index, prime properties have seen an average asking price rise of £86,785 since the recession was announced.

And with a double-dip recession this trend does not look to slowdown.

In London this price performance is almost double the average with asking prices rising a whopping 40 per cent since 2007.

At the same time the overall property market has seen the average asking price drop by £11,000 in the same time period.

“The overall UK market has not recovered substantially since the early years of the downturn, but this hasn’t affected all homeowners equally,” Nigel Lewis, property analyst at Prime Location said.

“Owners of prime homes saw their property values perform well as demand for the most desirable properties continued to rise, lifting prices with it.”

While London outperforms the overall property market other areas are also following the prime property trend.

The east has seen a 35 per cent price rise and the west has seen prices grow by 23 per cent since the recession.

The results also suggest the seven per cent stamp-duty for properties valued at more than £2 million has had little dampening effect on the prime property market.
 

Prices fall on prime Scotland property

Prime property in Scotland has fallen in price, according to new figures. A report by Knight Frank found high-end Scottish property prices have slipped by 3.2% in 2011 but the Scottish Borders buck the trend, with prices rising by 1.2%.

Many Britons 'underestimating true worth of their homes'

Britain's homeowners may be underestimating the value of their property by more than £10,000, according to a study from Your Move. The estate agent said despite the downward pressure caused by the recession, property has remained a good investment.

Prime property price boost recorded in March

Prime property asking prices increased by 0.9 per cent in March, according to the Prime Location index. This was the first time this year that monthly prices have increased, following three consecutive monthly falls.

Central London rent slowdown as recession hits again

Residential rents in central London rose by 3.7 per cent in March compared to the same time last year. This did not come close to the boom figure of 2011 when rents rose by 19.1 per cent during the year.

Prime country property prices drop

Prime country properties have experienced a price drop while super-prime properties of £5 million or more continue to gain pace. According to the Knight Frank’s prime property index prices dropped by 0.5 per cent in the first quarter of this year.

 

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