Reduced supply of high-end property

11-Sep-2008

First-time buyers looking to purchase properties at the higher end of the market are unlikely to be able to do so, according to one expert.

Philip Selway, managing partner of the Buying Solution, believes as there are few of the "very best properties" available, those which do come on to the market are likely to be quickly snapped up.

"These people ... would take the view that if they're going to buy something like that, they just want to get on with it," comments the expert.

"It could be 20 years" before such properties are sold on again, he adds.

Supply of these properties outweighs demand, making the purchase of such houses even more problematic.

According to Savills' UK Prime Residential Markets for summer 2008, by 2010 the market will be characterised by a shortage of supply coupled with high levels of pent-up demand from those who have postponed buying.

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