By Maximilian Clarke
The UK’s most expensive properties continue to rise in price at a time when the market as a whole remains subdued, a survey reveals.
PrimeLocation.com’s latest house prices survey suggests the top 10% of houses have grown in value by 3.2% in a year and by 0.4% in a month, whilst prices for the broader market have declined.
This polarisation is greatest in Scotland, where the ‘prime’ properties- the top 25% in price terms- are 162% of the value of the broader average. London came a close second, with a 161% discrepancy.
The North West is currently the real hotspot for prime properties. Asking prices there increased by over 1% during four of the last five months. In September prime prices here rose by 1.7% for the second time in the quarter, pushing annual price increases to their highest ever level.
Manchester, the largest city in the region, is a key driver for the North West's prime property market. Price movements are very similar to those across the region as a whole, with annual increases to prime properties of 11%. Those who are tempted to invest in property in the North West might be pleased to know that prime property is significantly cheaper in Manchester than the region as a whole, despite the city being home to many of the jobs in the region. The average price for a prime property in Manchester is £319,111 — 11.7% less than the regional average.
Join us on