London lettings and estate agent Benham and Reeves recently publicised which London boroughs homebuyers can purchase a property at a reduced price.
Compared to the start of the year, home sellers are now achieving a higher asking price. However, according to Benham and Reeves, areas in London where savings can be made need to be highlighted.
Homes are selling at a reduced price compared to the initial asking price that properties were when they first entered the market. Meaning buyers could make a saving.
Across the capital, 31% of homes listed for sale reduced in asking price while on the market.
Director of Benham and Reeves, Marc von Grundherr, adds: “While much of the UK is very much a seller’s market at present, it’s a fantastic time to be a buyer in London.”
“House prices haven’t skyrocketed as a result of the stamp duty holiday in the same way they have in other more affordable regions and the pandemic has continued to have an influence on buyer demand levels, particularly across the capital’s more central boroughs.”
“This has been largely down to a reduction in foreign buyer demand due to travel restrictions and the trend of remote working seen during lockdown restrictions.”
“As a result, many sellers have had to adjust their price expectations in order to secure a buyer but if you do want to secure a discounted purchase, you had better be quick. As London has gradually reopened the property market has quietly been building momentum and we’re now starting to see properties sell for a far better price than they were just a few months ago.”
What boroughs have reduced the asking price the most?
Across Lambeth, famous for its waterfront developments, 38% of property stock listed for sale in the borough has seen a reduction in asking price. Making it the borough with the highest number of reduced property prices.
Hammersmith and Fulham come in second place with 37% of all homes lowering in asking price.
Properties across Camden, Kensington and Chelsea, and Wandsworth reduced by 36% in price. House in Southwark reduced by 35%, Westminster (34%), Merton (34%), Richmond (34%), and Tower Hamlets (34%).
In contrast, only 18% of homes in Barking and Dagenham have reduced the asking price, the lowest compared to all London boroughs.
Although the city has become the most expensive place to live in the UK, this study demonstrates that more affordable properties are available across various London boroughs.