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BARBICAN LIFE


Barbican Flat Watch Our quarterly analysis of the Barbican flat sales and lettings markets.


One bed apartment in Willoughby House on sale by Hamptons International at £525,000


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here has been much in the general press suggesting that house prices are falling across much of the country, although interspersed with occasional contrary indicators as well. However as the graph below from local estate agents Hurford Salvi Carr indicates that has not been the case in the areas in which it operates, of which properties inthe City (of which the Barbican is the largest element) have continued on an upward path. Indeed when one talks to the estate agents who specialise in Barbican properties it is apparent that the Barbican is something of a total anomaly in the housing sector in that demand hugely exceeds supply and at the moment, despite there being over


THE HURFORD SALVI CARR PRICE INDEX


2,000 flats here there is hardly anything available for sale here at all. In fact any Barbican owner who is currently looking to sell could probably complete a sale of their property before it even officially comes on the market. Pity those in the regions who may find it difficult to sell their house in months, or even years.


According to Hurford Salvi Carr in their latest annual report on the sales market, prices are now at an all-time high in both Midtown and the City, respectively 7% and 8% above the previous market peak in prices achieved in September 2007. Premium prices paid for newbuild units sold off-plan to both overseas and UK buyers have continued to


The Modern House is a specialist estate agency dedicated to the sale of 20th and 21st century homes of architectural distinction. Due to strong demand, we are currently looking for Barbican apartments and other properties of architectural interest to offer for sale.


If you are thinking of selling, or you would like to learn more about the homes that we sell across the UK and France, please visit our website www.themodernhouse.net or call Matt Gibberd on 08456 344068.


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have an inflationary effect on prices in the re-sale market. The minimum entry-level price for a studio or one- bedroom apartment is now £300,000. But looking ahead there are some decidedly conflicting views on the direction of U.K. house prices in general. Capital Economics reckons there could be a 20% fall ahead over the next three to four years due to unemployment and the overall weak economic outlook. But countering this Nationwide points to the extremely low interest rates now prevailing, and likely to continue, and an overall shortage of housing stock, as suggesting price support and others are looking for an overall 14-15 percent increase in the next few years, while HBOS is predicting stability in prices. It seems that there are as many viewpoints out there as there are housing sector pundits!


But house prices largely follow supply/demand trends, and as we have noted there is a distinct lack of properties available in the Barbican which suggests that, for the moment at least, the Barbican flat market could still see an advance whatever the state of the housing market is elsewhere in the country.


The lettings sector though seems to be showing signs of flattening out or perhaps even turning down after a pretty strong year, although demand to live in the Barbican, and the lack of sales properties available could yet have a positive impact.


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