Buyer confidence in the £1 million+ property market remains high according to estate agents, developers and mortgage brokers operating in this sector. So says Investec Specialist Private Bank, whose research shows that 73% of those surveyed say that confidence is either high or neutral among those people considering purchasing properties worth £1 million or more.
However, 27% of those surveyed claim that buyers in the prime property market are concerned about future prospects. They believe that the top three obstacles impacting sales of million pounds plus properties are: a lack of suitable properties, fear of a ‘double dip’ recession and a lack of finance.
Latest Land Registry figures show that the number of properties sold annually in England and Wales for over £1 million increased from 506 for the year to August 2009 to 731 the year to August 2010, an increase of 44%. Signs of continued confidence at this end of the residential property market are supported by estate agents who have seen a marked increase in the number of buyers competing for each property worth £1 million or more. Indeed, Investec’s Barometer shows that 65% of estate agents surveyed are seeing between six and 20 buyers per £1 million plus property.
Jack Jones of Investec Specialist Private Bank said: “Despite signs of sustained confidence in the prime property market
