
Investec’s property barometer, which surveys estate agents, developers and mortgage brokers, shows that market appetite for high-end properties is waning. Two years ago there were typically eight buyers competing for each property worth £1m or more, compared to just five today.
Those interviewed say that, on average it takes them between one to two months to sell a property worth £1m or more, and around a quarter say that it takes less than a month to secure a sale. However, almost one in ten says that it currently takes more than four months.High-end estate agents, mortgage brokers and developers claim that the top three obstacles facing sales of £1m-plus properties are: a lack of stock; fear of a double-dip recession and a lack of finance. Nearly half of those surveyed claim that the availability of credit to purchase high-end properties is either “poor” or “very poor”.
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