14 May

London's prime property market 'well equipped' to withstand downturn

London's prime property market 'well equipped' to withstand downturn

The chief executive of London Central Portfolio has suggested that the prime property market in the capital will be more resilient to the current economic downturn than the mainstream market.

Naomi Heaton gave a number of reasons as to why this would be the case, including the fact that they are held by long-term owners, meaning repossessions are "minimal" and "distressed sales are few and far between".

In addition, she said that because the prime property market in London is self-regulating, yields are forced up when volumes of transactions drop, which in turn attracts investors, who "stimulate capital growth in the longer-term".

"This dynamic makes the market considerably more stable than the national domestic market," she concluded.

According to a recent study by HBOS, central London has the greatest concentration of million pound properties in the UK.
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