Prime property 'will increase' after election

06 January 2010

Written by Jeni Browne

Those in the buy to let industry may be interested in claims that prime property will be increasing after the general election.

On January 4th, Primelocation.com reported that a surge of prime properties is likely to be seen this year.

Some 10,000 vendors had not appointed an agent to market housing is December last year.

Of this number, 21.8 per cent were in the south-east of the country.

Nigel Ellis, senior partner at estate agents Prickett & Ellis, said: "Things will change quite a lot after the election, which will bring in more properties. As interest rates go up and things get tougher, more properties will come on the market."

Mr Ellis added that mortgage rates are currently low and people are not encouraged to move house, but once there is a "booming market", people want to buy more expensive property.

Currently, many people are only moving if they have to, he claimed.

On December 16th last year, Primelocation.com said the year had been buoyant for the UK property market.

A national sales growth of 6.3 per cent was seen in the prime market, while an 8.6 per cent increase was noted among platinum property over a twelve month period.

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