Recently reported in FTAdvisor.com The number of properties on the market in the second quarter of 2011 that cost more than £1m has increased by 10 per cent to 21,319 in the past year, according to statistics from Investec Specialist Private Bank - properties now worth collectively more than £47.7bn.
Jack Jones of Investec warns "Research shows just how big the multi-million-pound property market is in the UK, and it is growing rapidly. However, as mortgage lending falls, many of those looking to buy these properties may find it increasingly difficult to secure the necessary fundingâ€¦â€¦Our approach is based around flexibility and the client as opposed to the property they are looking to buy. The super-prime residential mortgage market is a huge opportunity for us. We continue to see demand for mortgages of £1m or more."
The figures show that London had 44.5 per cent of all properties worth more than £1m for sale during the second quarter.