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Benham and Reeves: 31% of London homes seen reduction in asking price

Jake Carter

August 5, 2021

london

Across London, 31% of homes listed for sale have seen a reduction in asking price while on the market, according to data collected by Benham and Reeves.

Lambeth provides the best chance of securing a discounted London property in current market conditions, with 38% of property stock listed for sale in the borough having seen a reduction in asking price.

Hammersmith and Fulham also presents a good opportunity of finding a discounted purchase, with 37% of all homes seeing a downward adjustment in asking price.

Camden, Kensington and Chelsea and Wandsworth have seen 36% of homes reduce in price, with Southwark (35%), Westminster (34%), Merton (34%), Richmond (34%) and Tower Hamlets (34%) making the top 10.

In contrast, just 18% of homes in Barking and Dagenham have had the asking price reduced, the lowest proportion of all London boroughs.

Marc von Grundherr, director of Benham and Reeves, said: “While much of the UK is very much a seller’s market at present, it’s a fantastic time to be a buyer in London.

“House prices haven’t skyrocketed as a result of the stamp duty holiday in the same way they have in other more affordable regions and the pandemic has continued to have an influence on buyer demand levels, particularly across the capital’s more central boroughs.

“This has been largely down to a reduction in foreign buyer demand due to travel restrictions and the trend of remote working seen during lockdown restrictions.

“As a result, many sellers have had to adjust their price expectations in order to secure a buyer but if you do want to secure a discounted purchase, you had better be quick.

“As London has gradually reopened the property market has quietly been building momentum and we’re now starting to see properties sell for a far better price than they were just a few months ago.”


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