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Uncertainty still lies ahead for prime London market

Nathalie Hirst of Prime Purchase London said: "We now have an increasing number of international buyers registered and seeking investment property in the £2million to £5million price range as well as those seeking higher value houses and flats as London homes. These buyers are undoubtedly helping to strengthen confidence”.

Of the prime areas, Prime Purchase said it had noted that properties in Belgravia, Chelsea, South Kensington and Mayfair were the most sought after at present and that prices in these areas were firmer with some deals being done. The demand for good quality family houses, especially in Kensington and Chelsea, is strong but supply still remains a concern. Lack of supply is helping to strengthen the market in these areas.

Guy Meacock of Prime Purchase said: "The market seems to be recovering slightly from a dramatic fall-off some 18-months ago. When we commented on the prime London market in May this year we saw good value for those who could move fast and secure deals. This value is still there although we are relying more on good market intelligence and hard work to seek out deals for our clients and to exploit opportunities."

Prime Purchase said lack of stock remained a key factor affecting the prime London market and estimated that the supply of the quality properties of the type its buyers required was down 40% on last year. And it was still concerned about uncertainty in the UK economy in terms of interest rate rises, inflation and unemployment.

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