UK Prime Market Enjoying 'Strong Demand'

Prime properties in the UK are continuing to command "strong demand" among potential buyers, it has been claimed. Douglas and Gordon has said that there has been an increase in the number of buyers registering with estate agents....

Prime properties in the UK are continuing to command "strong demand" among potential buyers, it has been claimed. Douglas and Gordon has said that there has been an increase in the number of buyers registering with estate agents.

However, many new investors are remaining cautious about committing to properties unless they meet their precise demands.

"They are obviously not buying just anything that comes on. It is a selective market in a way," Nick Pejacsevich, assistant manager of the firm, said. "If there is a property that ticks all the boxes and comes on the market, then it will sell very quickly for good money, but other properties that may have some issues are struggling somehow."

According to new figures from Investec, competition for GBP 1 million-plus properties has fallen in the last two years. An average of eight buyers chased each property at the end of 2008, compared to just five in 2010.

Indeed, Mr Pejacsevich confirmed that this has been twinned with a "chronic" shortage of prime housing in the UK over the last year, which has helped prices to either remain stable or rise.

- Friday 28 January 2011

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