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March 1, 2010
Top-end Homes Outperform Nationwide
Prices at the very top end of the property market have performed robustly over the past year and continue to outperform the national average.
Research by Primelocation.com shows that prime property — the top 25 per cent of the market — has increased in value by 3.7 per cent in the past 12 months, with an average price of £449,095.
The value of “platinum” properties — the top 10 per cent of the market — has increased by 6 per cent over the same period to an average of £618,706.
Meanwhile, average house prices have fallen by 0.3 per cent in the year to February. In London, traditionally the hotspot for property prices and sales action, the prime and platinum markets have performed better than anywhere else in the country. East London leads the way with an 18 per cent rise. Prime £1,082,896, up 0.2 per cent Platinum £1,632,764, up 7.8 per cent.