The top-end of the property market was badly affected by the recession, according to one estate agent.
Director at London firm Hirch Way & Ambler Jeremy Way said lots of buyers who purchased homes during the market peak in 2007 are now having difficulty in remortgaging their dwellings.
Mr Way remarked: “I have now got another sale going through some 18 months later at Â£1 million on the same property. From Â£1.5 million to Â£1 million; that’s two thirds of the original price.”
He noted getting rid of home information packs, which the new coalition government announced it would be doing today (May 20th), would probably boost the sector.
The specialist’s comments follow the release of new figures that show the highest value streets in England are in London’s Kensington Palace Gardens, with the average cost of an abode currently standing at Â£18.24 million.
A number of towns also featured in the report, including Virginia Water in Surrey, which has homes for sale for an average Â£907,566.