Property slowdown not hitting top end of market

WITH SPECULATION rife about the slowdown in the housing market and latest figures from the Council of Mortgage Lenders showing a fall in the number of approved mortgages, actual market evidence from Dacre Son & Hartley has revealed that top end properties in Yorkshire remain reasonably unaffected by the market's current conditions.

Figures released by the estate agent show that property transactions have fallen by around 8% during this quarter, compared with the same period last year. However homes in the £700-£800,000 plus bracket are continuing to attract the eye of buyers and are selling at a similar rate as in 2006.

Patrick McCutcheon, head of residential sales at Dacre, Son & Hartley, said: “At the moment the property market is challenging as the fall-out from Northern Rock combined with on going concerns about debt and interest rates have reduced confidence in the marketplace.

“However properties at the top end of the market are bucking the trend and continuing to stimulate demand. Undoubtedly this is mostly down to funding arrangements with purchasers having ready equity and being less sensitive to borrowing costs. In addition with high calibre homes being relatively limited in supply and buying a top-end property often evolving as a result of a major lifestyle change buyers recognise the need to get on with a purchase rather than deferring until a change in trading activity.

“In the Wharfe Valley in particular there is a distinct shortage of £1m-plus properties. The last one we offered at £2.95m attracted significant interest and was finally sale agreed after going to sealed bids, whilst at a more 'affordable' level the firm's Ilkley office recently generated very strong interest in a property offered from the outset by tender with a guide price of £1m,” added Mr McCutcheon.