Monday, January 31, 2011

Even the rich fear further falls

Fewer buyers for £1 million plus properties in the UK

Competition for properties worth £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 £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'.

Posted by drewster @ 10:25 AM (445 views)
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2 thoughts on “Even the rich fear further falls

  • OTOH one of the findings of last week’s File on 4 investigation was that there was little problem obtaining credit for buying £750k+ houses because buyers are low risk (lots of equity, good credit record). 16 minutes in, for about 2 mins, at:

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  • greenshootsandleaves says:

    Shouldn’t have to wait too long for a counterclaim by or on behalf of savills [‘Research proves yet again that our high-end London niche is recession-proof’?].
    Mystic Meg eat your heart out!

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