High-profile buying agency Black Brick has highlighted the scale of reductions now being made by sellers of some trophy properties in prime central London.
Black Brick managing partner Camilla Dell says that while the capital’s long-beleaguered market may be turning for some higher end properties, the so-called ‘super-prime’ sector - those valued at £20 million plus – is seeing sellers slash asking prices “particularly for properties being sold by receivers.”
She says one such property is Cresswell House in the exclusive Chelsea enclave known as the Boltons, which is about to go back on the market for £20.1m - almost half the price of £37.5m at which it was marketed in 2016.
Meanwhile, a house on Pembridge Square in Notting Hill is being re-launched to the market with an asking price of £25m, down from its original asking price of £39m.
“Sellers at every price point, including super-prime, are becoming more realistic,” says Dell.
“We have noticed an increase in the number of newly developed properties that were on the market for over inflated prices back in 2015/16/17 and which are now in receivership – in other words developers that got their timings wrong and are now suffering the consequences. Now could be an excellent time for buyers at the top end of the market to take advantage of sellers looking to close a deal and receivers looking to get their money back on un-sold properties” she adds.