Monday, January 31, 2011
Even the rich fear further falls
Competition for properties worth Â£1 million in the UK has fallen over the last two years, with just five buyers for each compared with eight previously. Research by Investec Specialist Private Bank conducted with estate agents, developers and mortgage brokers operating in this market, also reveals that on average it takes between one and two months for sell a property worth Â£1 million or more. The top three obstacles facing sales of million pound plus properties are a lack of stock, fear of a 'double dip' recession (and the impact this has on buyer confidence levels) and a lack of finance. Indeed, almost half of those surveyed, some 45%, claim that the availability of credit to purchase million pounds plus properties is either 'poor' or 'very poor'.