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April 2, 2008

High-end properties selling despite slowdown

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by Kay Mitchell

High-end properties selling despite slowdown

According to the latest London View report from estate agents Cluttons, despite a cooling property market properties at the top end of the market are still selling quickly.

The report said high-end properties and those in desirable locations have, to date, have been immune to the slowdown that is affecting the rest of the property market. These homes are selling quickly and they are going to best bids.

Charlie Noel-Buxton of Cluttons said top end properties that have the best address, trophy or rarity factor are impervious to the slowdown. Money is no object for buyers who still want to live in the best places and will pay whatever it costs to get that property.

Prime central London house prices have increased marginally in the first quarter of this year by just 0.1%, with growth falling to 6% from 13.1% in the last quarter of 2007, added Mr Noel-Buxton.

Most sellers are happy to wait until they achieve the asking price and buyers increasingly price sensitive are only likely to purchase a home if they believe they are getting a fair price, the result is reduced transaction volumes rather than prices, concluded Mr Noel-Buxton.


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