London’s housing market is about to experience a roller coaster, and in some parts of the city, it is already happening.
Prices for luxury homes in some of the most expensive districts of the city fell by more than 10% over the last 12 months, broker Knight Frank LP revealed.
Chelsea experienced a drop of 12.6%, in kensington prices went down 9.1% and north of Hyde Park the priciest homes have dropped prices by 11.2%.
With predictions that prices will fall even more in 2017, Bloomberg have put together a list of five properties that recently experienced a price drop of 20% or more.
Stratheden, The Bishops Avenue, N2: 40% Reduction
Located on one of the two streets in London dubbed as Billionaire’s Row is now selling for about £15 million, compared to an initial starting price of £25 million.
Stanley Street, SE8: 20% Reduction
Only a 7-minute journey on London’s “hipster Express”, the broker of this property is now seeking offers of more than £795,000 rather than the originally expected £995,000.
Bouverie Place, W2: 19% Reduction
Originally asking for £1.8 million in August, this five-bedroom house near Paddington is now being offered at £1.45 million.
Riverside Drive, Golders Green, NW11: 28% Reduction
After having been lister for £1.395 million in May, this four-bedroom flat in north-west London is now available for more than £1 million.
Kensington Court Place, W8: 25% Reduction
This four-bedroom home with roof terrace and patio area, located within a short walk from Royal Albert Concert Hall and Hyde Park has been sold after dropping its price from £4.35 million to £3.25 million.
