Country Life
The property market in 2008 will witness a 3-4% rise in prices with prime central London outperforming the market south of the Thames, according to Hamptons.
The London property market has settled down after a two year period of record levels of demand, which led to spiraling prices (up 35-40%) and a shortage of properties for sale (stock 21% down on previous year). However, the signs of increasing supply and buyer numbers returning to more normal levels have been more apparent in the closing months of 2007, say Hamptons. While there is much negative speculation around and no doubt that the credit crunch did create an initial 'shock' to the market, they have found that buyer confidence is gradually returning and are hopeful that there will be reasonable trading conditions for most of 2008.
The extreme top end (£3m+) should remain strong with demand from the super wealthy far outweighing supply.
