Prime property prices 'could reach pre recession levels in 2010'
Property prices in central London could reach pre recession levels in 2010 thanks to the market's "robust nature", according to one expert.
Recent reports have suggested that interest in premium property has been growing with Cluttons reporting a 40% increase in interested from professionals for prime property in the past six months.
Naomi Heaton, chief executive officer at London Central Portfolio, said prices in London will rise in the long term, even if the country experiences a double dip recession.
She said: "There is a desire and a demand factor which underpins central London even when times are bad...If people are thinking about it, they really ought to get in now and also over the winter, when there is always a slight drop in prices due to seasonality."
Ms Heaton added that she expects prices to reach "pre credit crunch" levels in 2010.
A recent report from Primelocation backs up Ms Heaton's view that prime property continues to be in demand. It found that prices for prime property had experienced a national increase of 6.3 per cent, despite a 0.3 per cent drop in the UK market as a whole.
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