Prime London property 'escapes downturn'
Prime London property is virtually immune from the current downtun, one leading industry expert has suggested.
Liam Bailey, head of residential research at Knight Frank, said that while the £5 million-plus sector is not totally immune, it has undeniably proven resilient given current, unfavourable conditions.
"There is no doubt that the top end of the market has been pretty much untouched so far which is quite surprising really," he commented.
Adding weight to the notion that London property is better positioned to weather the downswing than other regions of the UK, Mr Bailey went on to say that the capital is being helped along by foreign investors.
"The people who are buying are overseas buyers. They are generally coming from countries like Russia, Ukraine, Kazakhstan, the Middle East and the Far East, and they are bringing with them wealth from economic sectors that are untouched by the credit crunch," he explained.
Among more modestly-priced property, however, most analysts say a sharp downward price correction in the coming months seems the most likely outcome.
Published 4th June, 2008
© 2008 Estates IT Limited
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Prime London property is virtually immune from the current downtun, one leading industry expert has suggested.