More than a third of all residential properties for sale in London had their asking price cut in July, in another sign of the slowdown in the capital’s housing market.
35% of homes for sale had their prices reduced according to new research by the online estate agent Housesimple, who used data from the online property portal, Zoopla. This is up 5.3%, from 29.7%, since February.
The new figures come as the Royal Institute of Chartered Surveyors found that there is a record low amount of property for sale, while HMRC has published data showing that the number of housing transactions fell 3.3% between May and June.
The figures from Housesimple show that the housing market is performing inconsistently across the capital, with Hammersmith and Fulham seeing no rise in the number of price cuts, while Richmond and Kingston-upon-Thames both recorded price cuts to more than 45% of properties for sale.
According to Alex Gosling, chief executive of Housesimple, anyone hoping to sell their property is operating in a different market posy Brexit and the general election.
He said; “Anyone committed to selling may have to accept that they need to drop their prices if they want to attract buyers. This is a time to price realistically, not optimistically, to attract buyers in a market that is stagnating, not booming.”