High-end property owners 'hit hard by recession'
Brits who invested in a bespoke conservatory or pool house to help boost the value of their high-end property may have noticed that the recession impacted prices of such homes.
According to an independent group of estate agents, the top-end of the property market was "definitively, unquestionably" badly hit by the financial downturn.
Hirch, Way & Ambler director Jeremy Way claimed that many of those who bought such abodes at the height of the market in 2007 and early 2008 are struggling to remortgage their homes.
Recent figures from Zoopla.co.uk show that there are 1,314 streets in London alone where the average price of a house is greater than £1 million, which could mean that there are a lot of people in this position.
Kensington Palace Gardens was found to be the most expensive street in England, with the average property worth £18.24 million.
However, Mr Way suggested that there is a great deal of optimism in the high-end market thanks to the newly appointed coalition government and its pledge to scrap home information packs.
Posted by David Waxman
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