Enness Global looked at current property stock levels across London’s most prestigious neighbourhoods for homes at £3m and above, before highlighting what percentage of these homes have seen the priced reduced in order to secure a buyer.
The research shows that across London, 21% of all properties listed at £3m or above have seen a reduction in price.
Maida Vale currently offers the best chance for HNW homebuyers to secure a bargain in London’s high-end market. 38% of the homes currently listed for sale at £3m or above in the area have seen the price reduced.
Hampstead, St James’s and Pimlico also rank high, with 31% of all prime property stock listed across these areas having seen a price reduction.
Kensington, South Kensington, Regents Park, Victoria, Westminster and Bayswater also rank within the top 10 for the largest percentage of homes above £3m to have seen the price dropped in current market conditions.
However, you won’t find many prime properties priced to sell in Soho. Of all stock listed above £3m in the area, just 6% have seen the asking price dropped, while Fitzrovia has seen just 9% of £3m+ homes reduced in price.
Group CEO of Enness Global Mortgages, Islay Robinson, commented:
“The prime London market is becoming increasingly popular at present, particularly amongst foreign buyers looking to pick up a relative bargain in current market conditions.”
“A combination of Brexit uncertainty and the current pandemic has seen many sellers reduce their asking price expectations in order to secure a sale.”
“When you couple this with the current stamp duty savings on offer and the weaker pound, the prime London market presents a very attractive option at present.”
“Of course, not everywhere presents a property discount and those with the smallest percentage of price-reduced properties indicate where the London market is currently at its hottest where high-end homebuyer demand is concerned.”