Boom time for prime property in UK, data shows | Europe | News
Average asking prices for prime property in the UK have reached their highest level since at least 2007, up by 1.3% in May, the latest sector index shows.
Prime prices, that is the top 25% of the market by value, increased to an average of £463,153 in May from £457,040 in April, the third consecutive monthly increase, according to the PrimeLocation index.
Prime prices are now 1.4% higher than the same time last year and the highest since the index began in December 2007.
Back in May 2008, in the middle of the housing downturn, the average prime property was on sale for £410,022 which means that the prime market has seen prices grow by 13%, or over £53,000, in the past three years. In comparison the mass market has seen prices fall by 0.2% over the same three year period.
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