Six figure cuts in London property prices due to Brexit

Owners are finding it harder to sell their properties in central London in wake of the Brexit vote, according to figures.

In the “golden triangle” of Kensington, Knightsbridge and Mayfair, an average of £171,000 is being slashed from asking prices. This is up by £20,000 just since Brexit.

“The market in prime central London has taken a beating,” says Russell Quirk, the founder and chief executive of online agents eMoov.co.uk.

“But homeowners are still pricing their properties unrealistically for current market conditions.

Although the London property market remains stable despite buy-to-let stamp duty changes and the referendum, the upper end of the market is dwindling in desirability.”

 A flat in Fitzrovia’s Hanway Gardens initially priced at £1.7 million has had its price reduced by £150,000.
A flat in Fitzrovia’s Hanway Gardens initially priced at £1.7 million has had its price reduced by £150,000.

Robert Fraser, managing director of London based Fraser & Co, which specialises in the sale of new-builds, said: “It is now a buyers’ market — within reason.

If something is at £2.1 million or £2.2 million buyers will come in at 15 per cent below asking price with a view to tying it up at 10 per cent below. In the past they would come in at 10 per cent below with a view to tying it up at three or four per cent.”

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