29% of London homeowners have dropped their asking price ahead of Brexit
With the uncertainty around how Brexit may affect the property market, today Nested, the pioneering online estate agent, has revealed how house prices have plummeted throughout London.
New data unveils that now might be a good time to buy as there are £2 billion potential savings to be had, with 29% of homeowners in London having dropped their asking price ahead of Brexit on the 31st October*.
Further key findings:
- Across the capital, Westminster (£402m), Kensington & Chelsea (£216m) and Camden (£114m) have seen the biggest price reductions.
- 11% of properties currently for sale in London (12,078) have had a price drop of more than £37,800 – the average annual London salary. Key areas to see this price decrease includes Westminster(1,315)** Kensington & Chelsea (930), Wandsworth (769), Camden (586) and Tower Hamlets (542).
- Throughout London, there are currently (18%) 19,699 properties for sale with a price drop of more than 10%. Areas which offer the biggest savings include Westminster (1,341)*** Barnet (1,039), Tower Hamlets (974), Kensington & Chelsea (829) and Ealing (778).
Jamie Salisbury, property expert at Nested estate agent said:
“Amid this endless uncertainty and gloom there are great opportunities out there for buyers if they’re bold enough to seize them. This is particularly true for homeowners who are trading up, presenting an opportunity to buy a new home that might otherwise have been out of reach.
“With money still relatively cheap to borrow and prices falling, buyers can realistically snap up properties they couldn’t have afforded in a stronger market. Nested is unique in the industry in that we will advance you the money to secure the property you want – making you chain-free – so you don’t miss out on the home of your dreams.”
* underlying data provided by TwentyCi and is a snapshot of the London housing market on 20/8/2019
** amount of properties in that area that has seen a price drop of more than £30,000
*** amount of properties in that area that has seen a price drop of more than 10%
Kindly shared by Nested