Prime London selling prices plummet

12th May 2017

Property in prime areas of London is selling for an average of 9.1% lower than the asking price, new figures by property data tracker LonRes show.. It says 45% of properties were reduced in price before sale in the first quarter of this year, coinciding with a year-on-year drop of 26% in the number of properties sold last quarter. Higher rates of stamp duty and the levy on second homes caused the slowdown as buyers became more wary with their purchases affecting house prices, LonRes said. The number of properties withdrawn from the market was also up 15% as some vendors decide not to move rather than accept a lower than desired price.

City AM (10/05/2017)