Over a third of homes on the market in the capital have been cut in price since they were first put on sale, according to research from HouseSimple.com.

The online estate agent said 35.3% of homes for sale in London have had a price cut to attract a buyer, which it reckons is further evidence of the slowdown in the capital. The figure is up markedly from 29.7% in February.

Some boroughs have fared worse than others with a whopping 45.8% of homes for sale in Richmond upon Thames having reduced their asking price. In nearby Kingston upon Thames 45.3% on properties on the market have chopped their price to bag a buyer.

In Bromley, Harrow, Hillingdon and Hounslow more than 40% of properties on the market have had a price drop since they were first listed.

Holding firm

At the other end of the scale, the borough of Newham (25.7%) has the lowest percentage of properties currently on sale that have been reduced in price.

Alex Gosling, CEO of HouseSimple.com, said: “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. Long gone are the days when buyers were diving in to avoid missing out as the market accelerated away from them.”