More and more owners of London properties in the luxury space are having to reduce their asking price. This is due to the fact that the overseas buyers that would ordinary have been looking to purchase in this section of the market are avoiding purchases due to the current uncertainty around brexit and the current high level of stamp duty.
There has been a 9% reduction in price in London's most exclusive neighbourhoods, with prices falling by 12% on average in Knightsbridge.
According to Jonathan Hopper of Garrington, “There is huge discounting of super prime properties above £5m at the moment,” he said. “A lot are being discounted by 10 or 20%."
One home in Knightsbridge that was listed for £20 Million in 2016 is now in the process of being sold for £15 Million.
St James's and Victoria have seen the largest falls, as the average property sale price has been reduced by 14.1% (£766,000), with 75% of homes for sale in these areas remaining on the market for more than 6 months before being sold.
Other areas that saw falls in sale prices were Mayfair (11.4%) and Temple and the City (10.5%).
According to Henry Pryor, an independent luxury property buying agent, more that 65% of properties for sale in Belgravia had been on the market for more than a year.
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