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Gap Between Prime And Secondary UK Property 'Growing'

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United Kingdom  London  Nigel Lewis  Primelocation  Prime Property Market 

Gap Between Prime And Secondary UK Property 'Growing'

By - Tuesday 25 October 2011

The difference between the value of high-end prime residential properties in the UK and the rest of the housing market has increased significantly. This is according to the latest figures released by PrimeLocation in its monthly property index, which noted that the typical price of a prime home is now 115 per cent above the UK average.

In its report, the firm noted that the median value of a house in the country now stands at GBP 219,943, while at the top end of the market, this figure is GBP 472,340. Property analyst at the organisation Nigel Lewis stated that homes in this upper bracket are "consistently outperforming the general market", adding "part of this is due to the significance of foreign investment in the UK prime market".

Should the most recent Knight Frank/Markit House Price Sentiment index be anything to go by, this gap could increase further over the coming months. According to the findings in the report, households in eight out of the 11 regions questioned anticipate that the value of their property will fall. Only in London, the south-east and the east of England did respondents expect price rises.

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