Lower-end property 'faring worse than high-end'
High-end property 'doing better than lower-end'
Monday, 15, Mar 2010 04:59
High-end property is doing better than the lower-end, according to Nigel Ellis, director of Prickett & Ellis.
Because of a lack of properties in the mid to high-end price bracket, they are selling for more, while the first-time buyer end of the market is saturated, Mr Ellis commented.
"The first-time buyer market is really tough and new builders are still trying to get rid of their flats for whatever they can get for them," he claimed.
Mr Ellis's comments came after the release of the Mouseprice Street Rankings for 2010, which showed that the most expensive street in England and Wales is Chester Square in London, SW1W, where the average property is worth £6,596,000.
It is the second consecutive year that Chester Square has been in the number one spot and the most recently sold property in the area went for £7 million.
The rankings also indicated that out of the 20 top streets, 12 are situated in The Royal Borough of Kensington and Chelsea.