Data company Propcision has quantified the scale of asking price reductions on some prime central London properties, with many dropping by 20 per cent and a small number around 30 per cent.
One particular property’s asking price in Wilton Mews in Westminster has had its price cut by £6m - equivalent to 14 per cent of its original asking figure. This is thought to be the largest asking price fall in absolute terms.
“Whilst the overall average price reduction in London appears to be between five per cent and seven per cent, the bulk of steeper reductions of 15 per cent to 20 per cent fall mostly on properties in Central London with most taking place in Westminster, Wandsworth, Kensington and Chelsea, Lambeth and Hammersmith and Fulham” says Michelle Ricci, co-founder of Propcision.
However, a few even larger price reductions are to be found across the capital and not just in prime areas, although she says asking price drops of this scale are rare.
“Marketing history of the properties suggest a series of reductions over time. It may be that sellers initially priced ambitiously with hopes of an ever-increasing market. These sellers may now have acclimated themselves to a changing-market strained under a combination of political and economic pressure alongside a series of changes in taxation” says Ricci.