Looking for a London home? Buy now and get £57,000 off the asking price

 
Helen Cahill
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Central London House Prices Set To Fall Post-Brexit
London buyers are negotiating significant price reductions (Source: Getty)

Londoners looking to buy a property could achieve price reductions amounting to more than £57,000 if they buy now, new figures reveal.

The average cut in property asking prices is £24,989 across the UK, according to figures from Zoopla. However, that figure rises dramatically in the capital.

Read more: The average house price along the London Marathon route is now almost £700k

Nearly a third of properties on the market in London (32 per cent) have had asking price reductions, with an average cut of £57,323, which is a 7.5 per cent reduction.

This is a slight decline from the average 7.6 per cent discount home buyers were achieving in December. However, in Kensington and Chelsea, reductions are higher than the average at 7.65 per cent, which represents a hefty £135,702 discount on the average house price for the area.

Read more: UK house prices: Nearly six in 10 expect property prices to rise

In Westminster, would-be home owners have negotiated price cuts of as much as £124,144 on average, making it the borough with the second largest asking price reductions:

Rank

Borough

Average price reduction

Average price reduction

Reduced properties on the market

1

Kensington and Chelsea

7.65 per cent

£135,702

34.17 per cent

2

Westminster

7.2 per cent

£124,144

32.01 per cent

3

Hammersmith and Fulham

6.86 per cent

£71,795

35 per cent

4

Lambeth

6.58 per cent

£58,627

29.76 per cent

5

Wandsworth

6.41 per cent

£75,762

32.81 per cent

6

Camden

6.41 per cent

£81,113

30.97 per cent

7

Southwark

6.39 per cent

£53,588

29.49 per cent

8

Hounslow

6.37 per cent

£56,667

35.6 per cent

9

City of London

6.29 per cent

£58,932

26.42 per cent

10

Richmond upon Thames

6.24 per cent

£55,727

36.6 per cent

Lawrence Hall, spokesperson for Zoopla, said: "Whilst the number of properties on the market with a price reduction has remained flat since December, those that have been discounted have seen a bigger reduction since the end of last year. This is still good news for those looking to get onto the property ladder."

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