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Despite continued grim forecasts about the state of the UK property market, the prime residential market in London continues to prove remarkably resilient. New figures show that the average value of prime homes in London reached a record high in September and that values are now even higher than the pre-credit crunch peak in 2008.
A leading London mortgage broker also reports that demand for large mortgage advice for high net worth clients is also strong. Keep reading to learn more about the excellent prospect for the prime London property market.
According to the latest information from property agent Knight Frank, prime property values in London reached a new high in September. The group’s Prime Central London Index found that prime property values averaged £3.5 million in September 2012, up 0.7 percent from August’s figures. This is compared to a previous high of £3 million seen in the pre-recession days of March 2008.
Prime property values have been driven up by increased demand from overseas. Knight Frank head of residential research Liam Bailey says: “London’s market performance continues to be aided by overseas buyers, who account for more than 50 percent of buyers in the £2 million plus market.”
The report found that the strongest markets in London have been located around Hyde Park. Districts including Knightsbridge, Hyde Park and Marylebone have seen annual growth of more than 14 percent.
Mortgage Strategy reports that ‘price growth has been strongest in the sub £2 million bracket where values have increased by 11.6 per cent on an annual basis.’ Sales volumes in the sub £2 million prime sectors rose by almost a quarter (23 per cent) in the three months to September compared with over the same period in 2011.
With an increased demand for prime property comes a need for high value mortgage finance. Keep reading to learn more about how a leading London mortgage advisor is providing a bespoke service to clients looking for a million pound mortgage.
If you’re an overseas client buying a prime property in London or you’re a UK resident looking for a large mortgage, who would you approach? In the past it may have been your bank or your existing lender but with the mortgage market having changed beyond measure in the last five years these options may not be open to you.
Now, a leading London mortgage broker is offering the perfect service for prime London property buyers. Enness Private Clients specialise in mortgages of over £500,000 and have access to wide range of non-traditional lenders.
Islay Robinson, director of the London mortgage advisor, said: “Over the last five years we have developed relationships with dozens of lenders prepared to agree high net worth finance to clients buying prime London property.
“Whether you’re based in the UK or overseas, whether you want your loan in sterling or another currency and whatever ownership structure you need, we have access to lenders that can help. Prime London property buyers are our core business and benefit from our expertise and experience in the large mortgage sector.”