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Top end of property market 'still doing well'

The prime - or high-end - mortgage loans sector is currently doing comparatively well in the credit crunch, consultants Knight Frank have claimed.

Terming prime a "very healthy market", Liam Bailey at the property firm said that people were still selling and buying expensive properties in the UK at similar rates to before.

The ongoing credit crunch has had a marked effect on other home loans customers - with big lenders such as Halifax and Nationwide tightening their criteria for borrowers.

However, the market for properties valued at over £4 million in the UK grew by 2.4 per cent over the final quarter of 2007, according to brokers Savills.

Mr Bailey added: "The prime market...is weathering the storm better than any other market, but what's happened in the last two or three months is that the price bracket that is doing well and maintaining growth is getting higher and higher and is now really about ten million plus.

"It's doing very well - short supply, lots of demand and prices are still growing - it's a very healthy market."

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