Despite most of Britain licking its wounds from a slow-moving property market, high-end properties in London are performing extremely well according to local estate agents.
It is not unusual for properties from some of the most prominent postcodes within the capital to command asking prices of millions of pounds. Houses which have been valued at more than £5 million in particular have sold particularly well, with record sales of £0.85 billion in the second quarter of this year. This is only second to the same period two years ago, which set the highest level of revenue ever recorded for premium homes in London.
When this quarterly figure is combined with the first quarter and the month of July, the amount generated in sales extends to just over £1.5 billion. Property experts are now hoping that the promising shoots of recovery in the property market are going to extend beyond the capital and into the rest of the country in the months and years to come.
Estimations for the London property market to see out the year suggest that a plateau has been reached regarding the prices of premium houses for now, and there is going to be less inflationary activity for the remainder of 2010 according to estate agents. With the acute drops of 4 to 5% which are expected, this will mean an overall annual drop of just one per cent when the recent boost is taken into consideration.
Other property news in the city includes details of the most expensive penthouse in the world going under the hammer, valued at over £140 million. Additionally, one agency specialising in self-styled ‘trophy homes’ has said that the past two quarters have seen more premium homes being sold when brought into contrast with the two years that precede. Whether or not London will lead the way for the future is certainly yet to be seen.
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