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London home prices slashed by housebuilder

With demand for high-end properties in central London cooling following the Brexit vote and property tax increases, Britain’s largest housebuilder, Barratt Homes, has taken the decision to slash the price of some of its most expensive homes in the capital by up to 10%.

The property developer insists that it remains on track to deliver key financial sales targets, thanks in part to strong demand in northern and central England, but accepts that the market in most prime areas of the capital have slowed in recent months, as reflected by the company’s decision to reduce asking prices on some of its new build properties in the city.

The sharp rise in stamp duty property tax and the uncertainty created by the outcome of the EU referendum have had a negative impact on property prices at the upper-end of the market, especially in prime central London, where many would-be purchases are demanding significant discounts.

David Thomas, chief executive at Barratt Homes, said: “Market conditions in London at higher selling prices remain more challenging. To mitigate these risks we have taken pricing action on a number of our sites in London.”

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