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Prime property still rising as average prices fall

Monday, 24 October 2011 12:44 PM

The price gap between average homes and properties at the top of the market has risen to another new high, according to a survey by Primelocation.com.

The property website's October index says the asking price for UK prime property rose 0.5 per cent in September to an average of £472,340 but the asking price for an average home fell for the second month in a row to £219,943.

When the index started in December 2007 the average prime property was worth 68 per cent or £157,255 more than the average home.

Since then prime property prices have risen 22 per cent while average prices are down five per cent. That means prime property is now worth 115 per cent more than the average home.

Prime outperformed average property in 10 out of 11 regions, with only the east of England bucking the trend with prices that remained flat in both markets.

The only two regions where prime prices fell were Scotland and the south-east, but even here average prices fell by more.

The north-west is the main hotspot for prime property, with prices rising at 11.8 per cent over the last year.

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Average asking prices for prime properties ranges from £321,231 in the North East to £1.2m in London. Image:Thinkstock

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