A third of all London homes listed for sale in the current market have seen a reduction in asking price, the latest market insight from Benham and Reeves has revealed.
In Kensington and Chelsea, 40.3% of all homes currently listed for sale had seen the price reduce since initially reaching the market.
Southwark was home to the highest proportion of price reduced properties outside of prime Central London, where 37.2% of all homes had seen the asking price cut since entering the market.
In Tower Hamlets, 37.1% of all homes listed for sale saw an asking price reduction, while Croydon ranks third at 36.9%.
Other boroughs home to a higher than average level of price reduced properties for sale included Westminster (36.9%), Hammersmith and Fulham (36.7%), Brent (36%), Lambeth (35.8%), Hillingdon (35.8%), Richmond (35.7%), Harrow (34.9%), Kingston (34.8%), Hounslow (34.7%), Camden (34.4%) and Bromley (34.2%).
Marc von Grundherr, director of Benham and Reeves, said: “Home sellers across the nation have had to readjust their asking price expectations in recent months, as higher mortgage rates have stifled the purchasing power of buyers and prevented them from offering the high market prices that we saw materialise following the pandemic market boom.
“Of course, not all sellers have been prepared to meet in the middle and have continued to market their properties at a higher price than current conditions dictate.
“Therefore, we’re seeing a good chunk of homes reach the market, before reducing in price in order to tempt buyers.
“Whilst this presents a great opportunity for a discounted purchase, buyers are advised to act quickly.
“With the property market showing notable signs of improvement so far this year, and with the prospect of an interest rate cut on the horizon, we expect market momentum to swing back towards sellers before the year is out.”
