Home insurance customers who had made their property purchases in the boom of 2007-08 may be among the worst hit by the global economic recession, says an expert.
Jeremy Way, director at Hirch Way & Ambler, said that owners of prime properties who invested during the pre-recession property boom are finding it difficult to re-evaluate their mortgage schemes. He pointed out that the worst had been faced by those at the higher end of the property ladder.
Mr Way acknowledged the hopefulness felt by property owners looking up to the newly-formed coalition government to find a way out. He added that the decision of the Tories to do away with housing information packs was likely to "help the housing market".
According to recent data published by the Land Registry, houses in England and Wales have seen a 0.6 per cent drop in property prices, down to £164,288 in March this year.
However, house prices overall are said to have witnessed a 7.5 per cent increase over the duration of the past year.
Business transactions in the property market had picked up to a total of 58,775 in the last quarter of 2009 compared to only 36,264 in the same quarter a year before.
A report published by Zoopla.co.uk identified streets with the most highly prices properties as Kensington Palace Gardens, the Boltons, Frognal Way, Crompton Avenue and Courtenay Avenue in London.
Kensington, Chelsea, Knightsbridge, Notting Hill and West Brompton were some of the most costly areas of London, with prices ranging from £1.55 million to £1.02 million.
House prices in London were said to have increased by 1.6 per cent in March, averaging around £336,409, while the past year saw a 13 per cent increase in prices overall, according data made public by the Land Registry. |
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