Third of London vendors slash asking prices pre-Brexit, says agency

The London market has “plummeted” because almost a third of vendors have cut their asking prices in anticipation of Brexit.

Using data from the TwentyCi company, looking at the market in the capital up to August 20, the online agency Nested says that 29 per cent of those selling have dropped asking prices. 

In detail it says some 11 per cent of the 12,000-plus properties currently for sale in London have had a price drop of more than £37,800 – the average annual London salary. 

Key areas to see price decreases of this kind include Westminster, Kensington & Chelsea, Wandsworth, Camden and Tower Hamlets.

And throughout Greater London some 18 per cent of the homes on sale - that’s over 19,500 - have seen price drops in excess of 10 per cent; the main areas for these are Westminster, Barnet, Tower Hamlets, Kensington & Chelsea and Ealing.

“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” says agency spokesman Jamie Salisbury.

The agency’s analysis was based on a snapshot of the market on one day, August 20.