Prime property 'surviving credit crunch'
Prime property in London rebounded at the end of 2007, allowing property sales and rental accommodation to return to the early year boom in value, according to The Telegraph.
Citing sales of exclusive top-end property in sought-after West London areas, the newspaper claimed that the willingness of the super-rich to return to high value property purchases signalled a recovery of the prime housing market.
An entrepreneur paid £12.1 million, it was claimed, for a house in Holland Park, an exclusive and sought-after neighbourhood in the borough of Kensington and Chelsea, envied for its access to Notting Hill and other popular West London enclaves.
Also highlighted was the purchase of a building in Earls Court, yet to be refurbished as a single property, for as much as £11 million.
Signs of a recovery of prime property sales and rental in exclusive areas come as a relief to the housing market in the capital, which has looked set to suffer more than any at the hands of the credit crunch and reduced mortgage lending.
The Telegraph affirmed that top locations had proven their durable appeal and had been resistant to any drop-off, even as lending proved more difficult.
Published 7th January, 2008
© 2008 Estates IT Limited
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Prime property in London rebounded at the end of 2007, allowing property sales and rental accommodation to return to the early year boom in value, according to the Telegraph.