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Slump is reaching west's rich areas.
(From Western Daily Press)
The doom and gloom hitting the property market is spreading out of London and into some of the most prosperous parts of the West, according to one of the country's leading estate agents.
Business Editorm.ribbeck@bepp.co.uk Exclusive estate agent Savills had said at the start of the year that top of the range properties and country bolt-holes in the region had been largely unaffected by the economic downturn.
But yesterday Savills revealed many parts of the West were witnessing plummeting property prices and falling demand as executives in the City were forced to tighten their belts.
The sudden downturn has taken place over the past three months and is affecting normally well-off places such as Bath, Exmoor and the sought-after villages of the Cotswolds.
The news came on the day Savills announced sales in the capital had dropped by 45 per cent in the past quarter.
At the same time prices fell by about 7.5 per cent in central London, with only the "very top end" of the property market, with homes worth GBP5 million, proving "immune" to the downturn.
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