Many £1m properties higher value than in 2007, says Prickett and Ellis

Date:Thursday 5th November 2009
Author: Max Freedman

Many properties worth over £1 million are now being valued higher than they were before the recession, according to a senior partner at Prickett and Ellis.

Nigel Ellis, partner at one of the world's longest established estate agents, said levels of sales in the £1 million-plus category are as high as they have ever been.

While he thinks there is no great demand lower down the market, people are willing to fight for the property they want and bid more, which is beginning to drive up values.

However, he said: "I don't see anyone getting silly or offering silly prices. They will pay what is the right price," adding that the company is now pricing the top end of the market at sums higher than before the economic crisis.

Mr Ellis made his comments following a report by Zoopla! which showed that the number of properties valued at over £1 million had fallen by 35 per cent in two years.

Zoopla! stated that 57 per cent of the country's £1 million properties were in London, but the number in that price bracket had dropped 29 per cent since 2007.