Some agents have recently suggested that the prime central London market is sluggish in the extreme - but now one agency claims there are 30 potential buyers for every property for sale at £2m and above in one part of the capital.
Patterson Bowe claims that since the election there has been a 30-buyers-to-one-property ratio for every £2m-plus home in the borough of Kensington and Chelsea.
Consequently, vendors at the top end of the market have recently managed to command above local average asking prices for their properties which are currently valued at more than £2,000 per square foot in the most prime locations.
This is in sharp contrast to the market climate prior to the Election where properties at £2m and above were not going under offer for several weeks and consequently not always achieving their true market value, claims the agency.
However, there is still a problem for his stellar-priced market - stamp duty.
Patterson Bowe managing director Stuart Patterson says sellers’ fears about the stamp duty they will have to pay on their next purchase has discouraged them bringing homes to the market.
“The recent hike in Stamp Duty is taking time to be absorbed into the market. It remains a significant factor both to a purchaser and conversely to vendors considering moving or trading up” he says.