Vendors trying to shift property after the Brexit vote have cut prices by nearly 10 per cent in some parts of London

 
Helen Cahill
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Kensington and Chelsea has been one of the worst-hit boroughs (Source: Getty)

Vendors trying to shift their property in the aftermath of the Brexit vote and stamp duty changes are cutting prices by nearly 10 per cent in some parts of London.


Data from Zoopla shines a light on just how many houses have had their prices reduced, and by how much.

Read more: Here's everything you need to know about the UK's housing market after the Brexit vote

Of the houses currently on the market, over 30 per cent have had their prices cut, according to Zoopla - an increase of 4.29 per cent since April. London house price reductions since April have averaged 7.8 per cent.

In Kensington and Chelsea, over a third of homes - 35.2 per cent - have had their price reduced, with price cuts averaging 9.2 per cent.


Ave price cut Ave price cut Proportion of homes on market reduced
1. Kensington & Chelsea 9.24% £156,996 35.19%
2. Westminster 8.40% £137,999 32.20%
3. Hounslow 8.27% £61,427 32.65%
4. Barnet 7.73% £72,417 29.11%
5. Hammersmith & Fulham 7.72% £82,839 34.45%
6. Haringey 7.68% £63,013 27.06%
7. Wandsworth 7.65% £87,155 32.98%
8. City of London 7.40% £66,420 29.05%
9. Ealing 7.37% £51,906 32.92%
10. Croydon 7.30% £34,453 31.90%

Read more: Prime central London house prices have fallen by 1.5 per cent year-on-year

Nearly a third of the property price-cuts across the UK - over 32 per cent - were in July, emphasising how the Brexit vote has hit vendors' confidence.

Lawrence Hall, a spokesperson for Zoopla, said the discounts are "not as high as one might have predicted given the EU referendum outcome".

He added: "However, where there are bargains to be had, this could present a good opportunity for those first time buyers lucky enough to have saved the required deposit.

"Couple this with the recent interest rate cut decision which could result in further adjustments in mortgage rates, the second half of this year could be a great opportunity for first time buyers to research the market and find a bargain."

If you're trying to sell your property - or buy somewhere - here's everything you need to know about house prices since the Brexit vote.

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