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 |
Join the conversation
Jump to latest comment and add your reply
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.
Please login to comment