Agent signals hope for high-end property

Private bank clients and other high-end buyers are coming back into the property market, analysis released today suggests.

Hirch Way & Ambler indicated that the top end of the market was showing ’distinct signs of improvement’, following its credit crunch-induced downturn.

The independent estate agent’s director also said that the firm currently had four applicants for a single £3.45 million property at the moment, signalling increased demand for expensive homes in the UK.

Sales of expensive executive flats - branded ’tacky little hutches’ by Hirch Way & Ambler - were seen to be still suffering.

However, recent research from HFM Columbus has shown that the market still remains weak - with few mortgages available in the £1 million-plus sector.

The firm also found that people hoping to buy such a home had to put up deposits of 35 to 50 per cent due to the continuing effects of the financial crisis.

Jeremy Way, director at Hirch Way & Ambler, said: ’High-end properties are showing distinct signs of improvement ... I believe the housing market is firming up and in many sectors - not tacky little hutches of flats with inadequate amenities - there are now shortages of stock.’ADNFCR-2318-ID-19240432-ADNFCR