London saw a third (32%) fewer property transactions in April 2017 than the same month last year, research from PropTech company Nested has found.
Nested said the West London property market was in a worse state than East, where properties under offer have an asking price 30% lower than those without an offer, meaning there is a significant cooling at the top end of market.
Matt Robinson, chief executive at Nested, said: “London’s position as a global powerhouse requires it to have a functional housing market to support a diverse workforce.
“Our analysis however shows that the number of transactions in the Capital has dropped by 32% annually, meaning that the number of homes being bought by London’s residents has dropped by almost a third compared to the same time last year.
“Combine that with the third of property transactions which fall through between offer accepted and completion and you begin to understand the scale of the problem.
“The property market in the capital is complex and fraught with difficulty so together we must find solutions which can better aid supply to match the high levels of demand and those which can also offer confidence of completion.”
For the whole of England and Wales property transactions fell by 18% annually – and by 25% on properties priced above £2m.