Ray of light for prime property buyers
The UK's dire property market may be nearing a trough as vendors become more realistic with valuations and buyers regain confidence, according to a UK estate agent.
Experts say the bottom of the prime property market is nearing after high-end property, priced above £1m, slumped as much as 20% in 2008 as vendors became more realistic about what their property was worth, according to a report from Knight Frank.
The report examined country property above the £1m mark, and said some of the biggest drops in value occurred around the London area.
"Drops of this magnitude will be a bitter pill for some vendors to swallow, but are necessary to get the market moving again. The good news is that we are getting closer to the bottom of the market" said Andrew Shirley, head of rural property research.
He added that buyers must not wait too long for a window of opportunity this year: "Nobody rings a bell when the market hits the bottom so those who hang on too long may lose the house of their dreams.”
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