London is a 'booming market' for competitively priced houses
4th Oct 2012
Prime London properties have been some of the most resilient against drops in prices over the last five years since the market crashed in 2007.
And according to one estate agent, the UK property market for expensive housing in the capital is still strong, despite there being somewhat of a reduction in activity as a whole.
Nigel Ellis, director at Prickett & Ellis, said that there are houses in the city that are priced at £2.5 million when they should be £1.5 million, and current levels of demand mean that these will be left on the properties for sale market for a long time.
However, he did go on to add that those who are setting the asking price of their own property at a competitive level will still see a "booming market" because the buyers are still there for houses that they want to invest in.
"The only ones we speak to are the ones that want to get on with it and want to buy, so if we come up with the right thing then they go for it. Sometimes, so does somebody else, so you have still got people fighting over what little there is," Mr Ellis concluded.
Posted by Staff Writer: Ewan Robertson
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