London property prices slashed drastically

The London property market is experiencing significant price reductions, with discounts reaching up to 50% in some cases. According to Becky Fatemi, partner at Sotheby's International Realty: “London currently offers the biggest ‘January sale' the real estate market has seen in a long time.” The median discount has increased from £2,000 to £5,000 in just a few months, reflecting a shift in seller expectations. Factors contributing to these reductions include unrealistic pricing, high interest rates, and increased supply, with 10.7% more homes on the market compared to last year. While some properties are seeing drastic cuts, others in desirable areas remain stable. Fatemi notes that motivated sellers are adjusting their prices to attract buyers, remarking: “The lower a seller dares to go, the higher their chances are of attracting more interest.”

The Standard (22/01/2025)