Fewer Buyers For £1 Million+ Properties

 

There has been a marked drop in offers being made on UK properties worth a minimum of £1 million during the last two years.

Investec Specialist Private Bank conducted research with estate agents, property developers and mortgage brokers revealing that on average it takes 1-2 months for sell a property valued at £1 million or more.

However, there are variations nationwide with a quarter of those questioned saying that it takes less than a month to secure a sale while almost 10% state that it currently takes over four months.

High-end estate agents, mortgage brokers and property developers state that the top three problems faced when selling £1 milllion+ properties are lack of stock, fear of a 'double dip' recession (through the impact this has on buyer confidence) and lack of available finance.

In fact, 45% of those surveyed claim that the availability of credit to buy £1 milllion+ properties is either 'poor' or 'very poor'.

Jack Jones of Investec Specialist Private Bank commented: "Although there remains a lack of stock for sale, particularly at the upper end of the market, our Barometer shows that competition for £1 million plus properties has fallen over the last two year."


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