4 Nov

£1 million-plus market 'high as ever'

£1 million-plus market 'high as ever'

The £1 million-plus housing market has not suffered from the overall downturn in the property sector, according to one industry expert.

Prickett & Ellis, one of the longest established estate agencies in the world, has reported record prices in the top end of the market, particularly in London.

Commenting on the situation, Nigel Ellis, senior partner at the company, said: "[In] the £1 million-plus market, the prices and the sale prices are as high as they have ever been."

He added that properties were being valued at the top-end of the scale, claiming that this sector of the industry is now performing better than it had been in 2007.

Mr Ellis puts the rise in prices down to the lack of supply compared with demand for houses in this bracket, which is triggering bidding wars and driving values up.

However, he commented that people "will pay what is the right price" and is not concerned that the market will reach what he called "silly" values.

In October, Primelocation.com released research which found that the average asking price for properties in prime central London locations had increased by 8.13 per cent over the past year to £1.33 million.

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