London’s Priciest Areas Offering the Largest Buyer Discounts

Some of the most affluent and prestigious pockets of London are providing potential homebuyers the largest discounts, according to the latest data released from Rentround.

Posh Holland Park has seen the most significant price cuts in the capital, the property manager and letting agent comparison site said in the Thursday report.

Homes on the market currently in the West London enclave that have been discounted have been done so by an average of 24% from their initial asking price.

Hyde Park Corner, an area on the southeastern edge of the famed park, followed, where reduced properties are now an average of 23% below their first listing price, according to the report.

Upmarket Kensington also made the list, where a typical 22% has been slashed from discounted homes. And in Belgravia the number stands at 21%.

“The property market is on edge at the moment,” Raj Dosanjh, founder of Rentround, said in the report. “The stamp duty holiday duration, end of furlough, Brexit and working- from-home practices are creating a real risk to London property prices and rental amounts.”

London’s property price struggles are not recent. An exodus out of city centers and into the suburbs and countryside on the back of years of political uncertainty and unfavorable tax changes, have left the city’s values floundering for some time.

In prime central London, average home prices fell 4.3% in the 12 months to January, according to February data from brokerage Knight Frank.

Despite the falls, a separate report released last week from private bank Coutts found that during the last quarter of 2020, transactions on prime homes across the city—defined as those valued between £1 million (US$1.3 million) and £10 million— were 24.5% higher than they had been during the three previous months.

 

Recommended For You