Over a third of homes for sale in London have had their asking prices slashed – meaning big savings for buyers like you!
Estate agent Benham and Reeves’ latest figures show 34% of London homes currently on the market have had a price reduction.
Fancy a posh pad at a discount?
Kensington and Chelsea tops the list with 40.3% of homes having their prices cut. But don’t get too excited – even with a discount, homes in this pricey borough are still out of reach for most Londoners.
Where are the best bargains outside of prime central London?
Head south of the river to Southwark, where 37.2% of homes have had their prices reduced, giving it the highest proportion of discounted properties outside the super-expensive areas.
Other hotspots for a bargain include:
- Tower Hamlets: 37.1% of homes reduced
- Croydon: 36.9% of homes reduced
More great news for bargain hunters:
- Westminster: 36.9% of homes reduced
- Hammersmith and Fulham: 36.7% of homes reduced
- Brent: 36% of homes reduced
- Lambeth: 35.8% of homes reduced
- Hillingdon: 35.8% of homes reduced
- Richmond: 35.7% of homes reduced
- Harrow: 34.9% of homes reduced
- Kingston: 34.8% of homes reduced
- Hounslow: 34.7% of homes reduced
- Camden: 34.4% of homes reduced
- Bromley: 34.2% of homes reduced
But don’t wait around!
Marc von Grundherr, Director of Benham and Reeves, says these price cuts are down to sellers adjusting to the market after higher mortgage rates put off buyers.
He reckons the market is already showing signs of recovery and with a possible interest rate cut on the horizon, prices could soon start to rise again.
So, if you’re looking to bag a bargain in the capital, now’s the time to act!