{"id":2765,"date":"2017-05-15T16:30:37","date_gmt":"2017-05-15T15:30:37","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=2765"},"modified":"2017-05-15T16:30:37","modified_gmt":"2017-05-15T15:30:37","slug":"almost-half-london-selling-asking-price","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-hk\/2017\/05\/15\/almost-half-london-selling-asking-price\/","title":{"rendered":"Almost half of London is selling below asking price"},"content":{"rendered":"<p><strong>Property in the capital\u2019s prime areas sells for an average of 9.1% below the asking price, as buyers ask sellers for bigger discounts.<\/strong><\/p>\n<p>Property data tracker LonRes released some figures last week showing that 45% of properties were <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/04\/24\/londons-property-prices-dropped-10000-last-12-months\/\" target=\"\" rel=\"noopener\">reduced in price<\/a> before being sold during Q1 of 2017.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"UGG8US7x8H\"><p><a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/03\/20\/owns-london-probably-not-think\/\">Who owns London? It\u2019s probably not who you think it is.<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Who owns London? It\u2019s probably not who you think it is.&#8221; &#8212; BuyAssociation Group\" src=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/03\/20\/owns-london-probably-not-think\/embed\/#?secret=kuJsRx44DE#?secret=UGG8US7x8H\" data-secret=\"UGG8US7x8H\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>The slowdown was caused by higher stamp duty regulations and the levy on second homes, both of which hit the <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/02\/02\/london-drop-started-prime-sales-fall\/\" target=\"\" rel=\"noopener\">prime property market in London<\/a> especially hard. The major discounts coincided with an annual drop of 26% in the number of properties sold during the last quarter.<\/p>\n<p>However, it wasn\u2019t only buyers who had mixed feelings considering the changing market conditions in London\u2019s prime market. A total of 15% of properties were removed from the markets as vendors decided they would rather wait than <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/10\/30\/greedy-sellers-keep-property-market-extra-month-especially-london\/\" target=\"\" rel=\"noopener\">sell a property<\/a> below value.<\/p>\n<p>Katy Warrick, head of London residential research at Savills, explained:<\/p>\n<blockquote><p>\u201cWe expect volumes to peak this year and fall over the next five years in response to falling sales. And by 2021, we forecast that just 34,700 new homes in the year will be built in London, little more than half the 64,000 new homes we think London really needs annually to meet demand from a strong economy and growing workforce.\u201d<\/p><\/blockquote>\n<blockquote class=\"wp-embedded-content\" data-secret=\"1q660Djjtw\"><p><a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/02\/06\/lack-affordable-homes-stay\/\">The lack of affordable homes is here to stay!<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;The lack of affordable homes is here to stay!&#8221; &#8212; BuyAssociation Group\" src=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/02\/06\/lack-affordable-homes-stay\/embed\/#?secret=QZpTX36XE0#?secret=1q660Djjtw\" data-secret=\"1q660Djjtw\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>This shows that, the <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/12\/05\/the-gap-between-asking-price-and-selling-price-in-uk-is-growing\/\">supply and demand gap<\/a> isn\u2019t going anywhere and will probably remain the main influencing factor when it comes to house prices across the UK.<\/p>\n<p><a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/03\/03\/far-prices-london-fall\/\" target=\"\" rel=\"noopener\">London\u2019s prime property market<\/a> my as well be more of the exception to the rule, as the way this small segment of the market has been hit by changes such as the additional stamp duty surcharge isn\u2019t representative for <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/02\/06\/manchester-property-prices-will-grow-28-2\/\" target=\"\" rel=\"noopener\">the rest of the country<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Property in the capital\u2019s prime areas sells for an average of 9.1% below the asking price, as buyers ask sellers for bigger discounts. Property data tracker LonRes released some figures last week showing that 45% of properties were reduced in price before being sold during Q1 of 2017. Who owns London? It\u2019s probably not who<a class=\"excerpt-read-more\" href=\"https:\/\/www.buyassociationgroup.com\/en-hk\/2017\/05\/15\/almost-half-london-selling-asking-price\/\" title=\"ReadAlmost half of London is selling below asking price\">&#8230; Read more &raquo;<\/a><\/p>\n","protected":false},"author":1069,"featured_media":4351,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[11,85],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/posts\/2765"}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/users\/1069"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/comments?post=2765"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/posts\/2765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/media\/4351"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/media?parent=2765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/categories?post=2765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/tags?post=2765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}