Is first-time buyer market losing out?
The middle to high end of the property market is currently doing better than the first-time buyer market, it has been revealed.
According to Mouseprice Street Rankings for 2010, the most expensive street in England and Wales is Chester Square in London, SW1W, where the average property is worth £6,596,000.
Out of the 20 most expensive streets identified by the firm, 12 are located in the London borough of Kensington and Chelsea.
Indeed, the borough is believed to be a "firm favourite" with the wealthy, while the City of Westminster, Haringey and Camden are also faring well.
Such high property prices may mean that Britons instead wish to choose flats to rent in the London borough of Kensington and Chelsea, which is likely to prove far more affordable than buying in this borough.
Commenting on the figures, Nigel Ellis, director at Prickett & Ellis, said: "Things are definitely going for more than they did last year on the top end of the market but probably the year before that as much if not more."
Written by Andy Britten
Published 12th March, 2010
© 2010 Estates IT Limited
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The higher end of the housing market is performing better than the end targeted at first-time buyers, it has been claimed - which may mean more people are choosing property to rent in London.