London News & Search
More than a third of homes for sale in London have had their asking prices slashed as the suburbs bear the brunt of a post-Brexit property crunch.
Estate agents are offering discounts on almost half of properties in some outer boroughs, new figures show.
A total of 36.6 per cent of homes for sale in London had their asking price reduced in the last five months, according to property website Zoopla. The average discounted property is on the market for £52,457 less than it was priced at in March — a drop of 7.2 per cent.
Experts said a slowdown that has already pushed down values in central London is now putting pressure on sellers in the suburbs.
Forty-five per cent of homes in Richmond have seen their asking price slashed, the highest proportion of any London borough. These properties were discounted by an average £55,658, or 6.6 per cent. Next came neighbouring Kingston, where 44 per cent of homes had their market price cut, by an average of £52,726 or 6.1 per cent.
However, in the neighbourhood of Kingston town, 48 per cent of properties were slashed — the biggest proportion of any local neighbourhood in the country. These homes went down by an average £78,625, or 7.35 per cent.
Zoopla spokesman Lawrence Hall said: “On the whole, the heaviest discounts in recent times have been in central London where the market started to slow around two years ago. Over the same period, the outer area of London saw stronger upward price pressure, but the slowdown post the Brexit referendum means that asking prices in areas such as Kingston may require more discounting in order to attract buyers.”
Across Britain, 34 per cent of properties have had their asking price reduced — by an average of eight per cent — since March.
Last month the Standard reported how the asking price of a central London mansion had been cut in half to £4 million amid the slump at the top end of the market. The Clockhouse, a converted Victorian brewery in Clerkenwell, originally went on sale for £8 million in 2013.
Meanwhile, house values in the commuter belt are being slashed amid a surge in properties for sale. Londoners who moved to dormitory towns such as Reading, Winchester and Basingstoke to escape sky-high prices now face a struggle to sell, according to research by HouseSimple.com.
London News & Search