Well, at least not at the top end of the market, which is holding up well, according to Paul Norton, a partner at city firm Carter Jonas.
The Peterborough office is under instruction, currently, to sell five properties, each with a guide price o
f more than £1 million, and another premier property has just exchanged for £1.2 million.
Taking the phenomenon of London’s “super-prime property” as a touchstone – which has seen the sale of half of the penthouses, average price £20 million, being built opposite Harvey Nichols in Knightsbridge at One Hyde Park – Paul sees a ripple-effect reflected, proportionately, in his own patch.
He said: “Buyers at the premium end of the property market are less likely to be affected by high street mortgage rates in the way the majority of homebuyers are.
“Prices remain because the vendor is not normally under the same pressures to sell quickly to fulfil the commitments of a property chain as those in the mainstream of the market.
“Farmhouses and estates, country houses, cottages, thatches and village houses of period and character are what, relatively speaking, are ensuring that we are getting our own slice of the super-prime property action,” he said.
The full article contains 216 words and appears in Peterborough ET newspaper.
