London property owners drop asking prices

As Brexit uncertainty continues, London property owners are dropping asking prices ahead of the announced 31st October deadline for leaving the EU.

Online estate agent Nested have revealed new data showing that more than a quarter (29 per cent) of London property owners have dropped their asking price on the market ahead of the UK leaving the EU.

Slightly more than one in ten (11 per cent) of the properties currently for sale in London have had a price drop of more than £37,800 in recent months – an amount equal to the average annual London salary.

It is estimated that, all told, there could be a total value of up to £2 billion shaved off the London property market as a result of these reductions. Across the capital, Westminster (£402 million), Kensington & Chelsea (£216 million) and Camden (£114 million) have seen the biggest price reductions in London property prices.

“Amid this endless uncertainty and gloom there are great opportunities out there for buyers if they’re bold enough to seize them,” explained Jamie Salisbury, a property expert at Nested. “This is particularly true for homeowners who are trading up, presenting an opportunity to buy a new home that might otherwise have been out of reach.”

He continued: “With money still relatively cheap to borrow and prices falling, buyers can realistically snap up properties they couldn’t have afforded in a stronger market.”

Article published 28th August 2019