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London property: Is it crash, correction or carry on as normal in the prime market?

“It is the variety of purchasers from all over the world and transparent government that we believe makes prime central London a stable market,” said Nicholas Jaffray, director of Jaffray Estates, a property buying agent in London, to IBTimes UK. He added that in the previous week, Jaffray Estates had taken on three new clients, two of which already owned prime property in central London. “At any given point there are concerns around the world, be it the Russian ruble, the stock market in China, or most recently the oil prices affecting Middle Eastern clients depending on their exposure. I remember three years ago I was buying flats for clients and 12 months later selling again after they had appreciated up to 25%. The market was concerning and actually no one wants to be invested in an unstable property market. There’s always going to be a small percentage of people who want something that’s a bit too good to be true, but the reality and the aim for the prime central London property market is maintaining stability and traction for the foreseeable future.” Jaffray said the Battersea developments, as a consequence, are not ones he would show his clients. But this is just one project. When it comes to high-quality, prime London property, with all the bells and whistles, in the right locations, at the right price, there is still an undersupply, he said. Source: International Business Times   Full article can be read here
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