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Property asking prices slashed across London as market stalls

Many vendors in London are now reducing the asking price of their homes by tens of thousands of pounds as the housing market continues to stall, according to new research by HouseSimple.com.

More than a third (35.3%) of homes on the market in the capital have so far this month undergone a price reduction, fresh data from the online estate agent shows.

Almost of half - 45.8% - of properties in the London Borough of Richmond upon Thames, in south-west London, have seen prices cut – more than any other borough.

The data, which is based on Zoopla price reduction statistics for all 32 London boroughs, show that Newham recorded the lowest proportion of price reductions, at 25.7%.

HouseSimple.com chief executive Alex Gosling commented: “These figures only support the view that the London property market has run out of steam.

“Agents are dropping prices to persuade cautious buyers to purchase in an economic climate where it’s difficult to predict what’s going to happen next.

“What’s unusual about the level of discounted properties is that it would suggest there are too many sellers and not enough buyers. But strangely this market is still suffering from a lack of new supply.

“There are actually plenty of buyers looking, but they’re a different buyer from 12 months ago. They are more cautious and viewing multiple properties before making a decision.”

Borough % listings reduced in price - Feb 2017 Total listings – July 17 No. of listings reduced in price – July 17 % of listings reduced in price – July 17
         
         
Barking & Dagenham 26.6 538 151 28.1
Barnet 29 4046 1280 31.6
Bexley 23 684 224 32.8
Brent 29.5 3434 1193 34.7
Bromley 31.4 1844 749 40.6
Camden 31.6 2545 884 34.7
City of Westminster 30.1 3451 1170 33.9
Croydon 28.2 1771 657 37.1
Ealing 33 2724 1031 37.9
Enfield 28.2 1656 559 33.8
Greenwich 22.7 1292 361 27.9
Hackney 26.5 1531 462 30.2
Hammersmith & Fulham 35.6 1705 592 34.7
Haringey 30.5 1367 528 38.6
Harrow 33.3 1753 710 40.5
Havering 24.3 1260 472 37.5
Hillingdon 33.9 1693 716 42.3
Hounslow 34.02 1696 717 42.3
Islington 29.2 1659 547 33
Kensington & Chelsea 35 2433 871 35.8
Kingston upon Thames 32.9 1359 616 45.3
Lambeth 31.5 3295 1191 36.2
Lewisham 29.7 1651 586 35.5
Merton 31.1 1614 615 38.1
Newham 22.6 2233 573 25.7
Redbridge 26.2 1181 394 33.4
Richmond 36.6 1576 721 45.8
Southwark 28.6 2804 826 29.5
Sutton 28.3 955 346 36.2
Tower Hamlets 23.9 3515 981 27.9
Waltham Forest 30.7 1211 397 32.8
Wandsworth 31.2 3869 1393 36
  • Gary Rosenthal

    The Govt. needs to get a grip on the declining movement in property sales which continues to be a significant problem within London. The penal cost of stamp duty needs to be addressed and maybe a two year reduction or total holiday to help mitigate the curse of brexit uncertainty might be a way forward. Price reductions a plenty have taken place within my area (Borough of Islington) yet this is still no guarantee that a buyer will be found. Having been in the residential sales market for over thirty years I have seen many market changes but this current situation is unprecedented.

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