Properties at the upper end of the housing market are seeing a continued rise in prices, according to high net worth broker Private Finance.
Private Finance says that over the last few weeks buyers of high-end properties have been increasingly willing to increase their bids, sometimes by up to 18% in one week.
Simon Checkley, managing director of Private Finance, says: “Mass market homes are unlikely to see a significant increase in prices in the next few years.
“But the upper end of the market experiences quite different dynamics.”
He adds: “Obviously, such price rises are not typical of the UK market in general, but then we should remember that there isn’t a single market for property, but a number of different market sectors affected by specific variables.”
Checkley says that house prices are likely to rise steadily in the long-term, given the growth of the UK population and the limited supply of housing.
He says that it may not be the worst case scenario if the massive house price inflation seen in recent years was a thing of the past as buyers and sellers could return to viewing property as a place to live rather than a get rich quick scheme.