High-end properties 'difficult to sell'

Posted: 12 Sep 2008 17:10:43 GMT

Selling high-end properties in the UK is "difficult" at the moment and will not become any easier in the near future.

That is according to The Buying Solution, the buying division of Frank Knight, which has suggested that people who own such flats or houses are not likely to be putting them up for sale.

Managing partner Philip Selway explained that due to the current situation of the market, only people affected by "debt, divorce or death" are going to put a high-end home up for sale.

He said: "The general standing of the market place is that there are no buyers out there and it is very difficult to sell these things. Therefore, if you've got a choice in the matter - in other words, unless you're being affected by debt, divorce or death - you are going to be extremely unlikely to be putting your house onto the market."

Mr Selway went on to say that people are more likely to buy a house out of "necessity" than for "leisure".

According to Savills' UK Prime Residential Markets for Summer 2008, prime properties in London are losing their value more quickly than in any other UK market.




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