The mainstream mortgage market in the UK has, in recent years, been
beset by a number of crises brought on by the economic slump. This has
made it difficult for ordinary borrowers to reliably access mortgages
that would have been easy to secure a few years ago in better times.
But, conversely, the high net worth mortgage market servicing those
looking to borrow 1 million or more has not suffered in the same way and
continues to prosper.


With continuing economic uncertainty within the Eurozone and the wider
global economy many overseas investors are buying property in London’s
most prestigious areas resulting in a London property market that is not
suffering the same stagnation or downturn as in many other parts of the
UK. High end estate agents and mortgage brokers are benefiting from
these prosperous times whilst their counterparts in other regions are
still feeling the pinch of the recession. However, there are only so
many prime properties that are desirable to wealthy overseas investors
looking for a prestigious address in the capital and estate agents are
struggling to keep up with the continuing demand, especially when many
of the very top-end homes usually remain in the same family for several
generations.

The pressure has been eased somewhat by some of the
high quality new developments of recent years such as the Shard or the
homes at One Hyde Park but, nevertheless, there are still waiting lists
of high net worth buying wishing to invest in the London property
market. This is making anyone involved in selling property think about
the less obvious alternatives for buyers wanting a family home. For
instance, many period apartment buildings in the capital were originally
a single house and can be returned to that state without too much
difficulty, provided planning permission can be obtained. This is
clearly not an easy solution as every apartment in the building would
have to be purchased but it can be one worth considering, especially if a
potential buyer has been waiting a long time for the right property to
come to the market. Even more so if they have lost out to higher bidders
when their ideal property eventually comes up for sale.


Another alternative to waiting for the ideal family home is to consider
buyer a commercial building that could be developed for residential
use. Again, not an easy option but commercial building often have high
ceilings and large spaces that can make excellent and unique family
homes. With property developers buying such buildings and waiting for
their short leases to expire there is clearly a market for converting
commercial buildings into residential property. An added bonus is that
planners tend to look favourably on converting commercial buildings into
new homes.

So London’s prime property market continues to be
buoyant, unlike the mainstream market, and still has many opportunities
in the most sought after postcodes for investors willing to think
outside the box. Savvy developers are helping meet record demand for top
end properties for high net worth buyers and specialist London mortgage
brokers are also helping by arranging large mortgages for these, often
overseas, buyers.