{"id":11142,"date":"2018-02-07T16:15:42","date_gmt":"2018-02-07T16:15:42","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=11142"},"modified":"2023-10-06T09:24:27","modified_gmt":"2023-10-06T08:24:27","slug":"volumes-low-prices-down-london-property-market","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/news\/volumes-low-prices-down-london-property-market\/","title":{"rendered":"Volumes are low and prices are down in London prime property market"},"content":{"rendered":"

The gap between asking price and selling price for some of London’s most expensive homes has hit a 10-year high, with properties selling for an average discount of around 10%.<\/strong><\/p>\n

Last year, according to the latest figures from research company LonRes, properties in some of London’s most high-end<\/a> postcodes had their asking prices lowered by an average of 10% before they were sold – which is the largest discount seen since 2008.<\/p>\n

The prime central areas looked at in the data include parts Kensington and Chelsea<\/a>, Canary Wharf, Richmond and Hampstead<\/a>. Even outside these top-priced areas, the average amount that sellers have been forced to drop from their asking price is more than 9%.<\/p>\n

Where vendors haven’t reduced their prices<\/a>, many properties have been withdrawn from the market, meaning sales transactions have also fallen. In central London over 2017, the number of homes sold was down 3.6% on the previous year. In the final quarter of last year, of all the homes that left the market, more than half were withdrawn rather than sold.<\/p>\n

LonRes head of research Marcus Dixon said: “People are going in with relatively cheeky offers, and sellers are accepting them. There\u2019s a bit of realism creeping in about what properties are worth.”<\/p>\n

Hikes and dips across the UK<\/h4>\n

After enjoying many years of a booming market, London property prices have been\u00a0levelling off<\/a> for several months now as transactions begin to plateau and investors start to look elsewhere to make the best yields and capital gains<\/a>.<\/p>\n

The latest figures from the Royal Institution of Chartered Accountants (RICS) show that there is still a great disparity between price behaviour in London and the south-east compared with the rest of the country. It reported growth in areas such as the north-west<\/a>, the Midlands<\/a>, Wales<\/a> and Northern Ireland<\/a> in January, while the capital’s market shrank.<\/p>\n

RICS chief economist Simon Rubinsohn said: “Challenges over affordability<\/a> may have grown across the UK but they are clearly having a bigger impact in some parts of the country than others.<\/p>\n

“This is clearly evident in the sales expectations figures which still remain in positive territory in more than half of the areas surveyed in the report.”<\/p>\n","protected":false},"excerpt":{"rendered":"

The gap between asking price and selling price for some of London’s most expensive homes has hit a 10-year high, with properties selling for an average discount of around 10%. Last year, according to the latest figures from research company LonRes, properties in some of London’s most high-end postcodes had their asking prices lowered by… Read more »<\/a><\/p>\n","protected":false},"author":1069,"featured_media":11149,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[12,6],"tags":[33,341,68],"class_list":["post-11142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-london","category-uk-housing-market","tag-house-prices","tag-newsletter","tag-prime-property"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/11142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/users\/1069"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/comments?post=11142"}],"version-history":[{"count":1,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/11142\/revisions"}],"predecessor-version":[{"id":6097100,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/11142\/revisions\/6097100"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media\/11149"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media?parent=11142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/categories?post=11142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/tags?post=11142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}