Wealthy buyers boost market
Demand for prime property increased in May, pushing up prices as the country’s top end markets escaped the effects of the political uncertainty, according to Primelocation.com.
The average value of a prime property rose by 0.6 per cent to £452,563 in May and experienced annual growth of 1.9 per cent. The North-East (1.8 per cent), South-East (1.6 per cent) and London (1.4 per cent) were the top performers.
Andrew Smith, research director says: “Wealthy UK and overseas buyers do not have to overcome the barrier of obtaining the necessary finance. In addition, they are less likely to feel the effects of any potential changes to taxation.”