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

“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.”

Related Posts

Recent Posts

Canonbury murder: 22-year-old woman arrested

A woman has been arrested following the death of a 29-year-old man who was stabbed in Canonbury early on Monday...

Police hunting man in Croydon murder investigation

Police investigating the shooting of Tino Makwanya in Croydon would like to speak to this man. The murder took place around...

Formally identified Grenfell Tower victim list grows to 18

The number of formally identified Grenfell Tower victims currently stands at 18, police say. Names have been released in agreement...

Wood Green man sent to prison over firearms offences

A man from Wood Green has been sent to prison for seven years for a series of firearms-related offences. Sultan...

Four arrested following Forest Gate protest

Four people have been arrested following a protest outside Forest Gate police station yesterday (Sunday 25th). Police said that a...