Top-end house sellers 'hit by recession'

by Morag Lyall

Top-end DIY house sellers who hope to sell their own property may have been hit by the recession just like other people in the market.

According to Jeremy Way, director at estate agents Hirch Way & Ambler, the upper-end of the market has been "badly hit", particularly for people who bought a property in 2007-08 and cannot remortgage it.

His comments come after research by revealed that there are 1,414 streets in London alone that have an average property price of over £1 million, suggesting that they might have problems selling their house in the current climate.

Kensington Palace Gardens in London had the highest average property price at £18.24 million.

For more modest buyers, Land Registry figures show that the average property in the UK is valued at £164,288.

However, Mr Way said that if the Conservatives fulfil their promise to get rid of home information packs, it will "probably help the housing market".

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Published on: May 19, 2010

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