More than a third of homes for sale in the capital have been reduced in price since they were first put on the market, according to new research.
Analysis of homes listed on Zoopla has found 35.3 per cent of all homes listed for sale in the capital have had their prices cut since they were first listed, up from 29.7 per cent in February.
The study, by online estate agent HouseSimple.com, found Richmond is the borough with the highest percentage of price cuts: almost 46 per cent of homes on sale in the borough have been reduced in price.
That's followed by Kingston Upon Thames, where just over 45 per cent of homes have had their prices cut.
At the other end of the scale is the borough of Newham, home to London's Olympic Park, where just under 26 per cent of homes have been reduced in price.
|Borough||Price reductions - Feb 2017||Price reductions - July 17|
|Kingston upon Thames||32.9%||45.3%|
|Kensington & Chelsea||35.0%||35.8%|
|Hammersmith & Fulham||35.6%||34.7%|
|City of Westminster||30.1%||33.9%|
|Barking & Dagenham||26.6%||28.1%|
|City of London||Figures not available||21.8%|
In both Kingston and Havering, the number of homes reduced in price rose more than 10 percentage points between February and June. Hammersmith and Fulham was the only borough where the number of price reductions fell.
“What’s unusual about the level of discounted properties is that it would suggest there are too many sellers and not enough buyers," pointed out Alex Gosling, chief executive of HouseSimple.
"But strangely this market is still suffering from a lack of new supply. There are actually plenty of buyers looking, but they’re a different buyer from 12 months ago. They are more cautious and viewing multiple properties before making a decision. Long gone are the days when buyers were diving in to avoid missing out as the market accelerated away from them."
London house price exodus
The news came a day after analysis by Savills showed the number of people leaving the capital has shot up by 80 per cent in the past five years, as high house prices drive buyers further afield.
The figures showed people in their 30s are leading the charge, with the number of those between 30 and 39 leaving London rising 68 per cent between 2012 and 2016.