Prime property market 'in strong demand'

Posted: 02 Mar 2010 10:27:22 GMT

The UK housing market is currently experiencing a strong demand for prime properties, according to one expert.

Nigel Ellis, director at Pricket and Ellis, says that the high demand for these types of homes is leading to supply shortages, which in turn is causing prices in this sector to rise.

"The £600,000 upwards range and the houses £1 million and over are very much in demand, there's not enough to go around," he explains.

Annual growth among the prime platinum housing sector grew by a figure of six per cent in February, according to the recently released Primelocation.com property index.

This stands in contrast to the UK housing market as a whole, where the average property fell in value by a year-on-year figure of 0.3 per cent.

Knight Frank recently reported that the number of homeowners with a second property in their portfolio rose by 2.6 per cent during 2009 to an all-time high of 245,384.

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