Savills: prime south-west London property resilient
Prime property is South-West London is reacting strongly to the credit crunch, with the drop-off in demand not as high as feared, it was claimed.
Highly sought-after property for rental and purchase in south-west areas like Fulham, Barnes, Putney and Richmond have shown price resilience, according to Savills, with generous family housing showing the most uninterrupted demand.
The drop-off in prime property has been lower that expected, Savills claimed, with a serious tail-off in demand only experienced in the sub-£2million market – and annual growth forecasts still exceeded despite a poor year end.
Lucian Cook, director of Savills research, said: "This small fall comes as no surprise.
"We anticipated a fall of three per cent in the final quarter of the year, in expectation that the market would react in a similar manner to previous financial shocks and reduced bonus expectations amongst City buyers would bite."
Annual growth in house purchases in excess of £5 million was said to have dropped off more dramatically, but the fall was identified as an after-effect of the huge increases in value which occurred in the exceptional period between September 2006 and March 2007.
Published 8th January, 2008
© 2008 Estates IT Limited
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Prime property is south-west London is reacting strongly to the credit crunch, with the drop-off in demand not as high as feared, it was claimed.