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Over a quarter of London sellers drop asking price ahead of Brexit deadline

Christina Hoghton
Written By:
Posted:
23/08/2019
Updated:
23/08/2019

It’s good news for buyers as affordability eases very slightly in the capital

More than one in four (29%) of homeowners in London have dropped their asking price ahead of Brexit on the 31st October, according to Nested.

The online estate agent said prices have ‘plummeted’ across parts of London with the poshest postcodes seeing the greatest falls.

Westminster, Kensington & Chelsea and Camden have seen the biggest price reductions.

In fact 11% of all properties currently for sale in London (12,078) have had a price drop of more than £37,800 – the average annual London salary – including over a thousand in Westminster, 930 in Kensington and Chelsea and 769 in Wandsworth.

Throughout London, there are currently (18%) 19,699 properties for sale with a price drop of more than 10%. Areas which offer the biggest savings include Westminster, Barnet, Tower Hamlets, Kensington & Chelsea and Ealing.

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Jamie Salisbury, property expert at Nested, said: “Amid this endless uncertainty and gloom there are great opportunities out there for buyers if they’re bold enough to seize them. 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.

“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.”