London slashes property prices

(Last Updated On: October 28, 2016)

The latest figures have shown that homeowners selling up in the most expensive areas of central London are cutting up to six-figure sums from their original asking price in the wake of the Brexit vote.

According to property analysts LonRes, in the three months since the referendum, the average price cut on homes across Zones 1 and 2 was a record £100,131. In the same period last year it was £59,573.

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Areas such as Kensington, Knightsbridge and Mayfair an average £171,321 is now being slashed from asking prices.

One three-bedroom, ground-floor flat on Belgravia’s Eaton Square went on the market in January with Hamptons International for £6.35 million. This month, it was repriced at £5.995 million. Similarly, a two-bedroom flat at Hanway Gardens, a new building in Fitzrovia, was on the market for £1.7 million at the time of the Brexit vote with Fraser & Co. Its price was cut in July to £1.6 million and again this month to £1.55 million.

The head of LonRes’s research and author of the report Marcus Dixon pointed out that these lower prices are still simply asking prices, which are always open to negotiation before any sale is agreed. The figures provide one of the first indications of exactly how hard the vote to leave the European Union has hit central London’s market, which was already reeling from a series of steep hikes in stamp duty.

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Written by: The Team | On: October 28, 2016

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