Where are property prices reducing in London?

Rentround has analysed which areas in London have the most properties for sale that have experienced price reductions & by how much they’ve dropped (since initial listing) – there are some notable discoveries.

Where are property prices reducing in London?

Halifax this week published figures that showed in January property prices suffered their biggest fall since April last year.

Prices slipped by -0.3% in January across the UK, pushing property value down to its lowest level since October, at just under £252,000.

Adding to Londoners woes, The Times wrote this week about the exodus of workers impacting London property prices

The data is divided by area within London and it shows how many reduced properties are currently up for sale and by how much they’ve reduced by. We’ve removed towns that have less than 10 properties that have had their price reduced.

 

Table of where London houses have been reduced & their average reduction

The highest % reductions have been seen in Holland Park with properties that have been reduced since initial listing, dropping by an average of 24.

Holland Park isn’t the only badly hit area in Kensington and Chelsea. Hyde Park Corner, Kensington and South Kensington also have a high number of reduced properties

Notably, Paddington (37), Lisson Grove (31) and Marylbone (30) currently have the most properties for sale that have seen their initial asking price reduced.

 

 

#

Town

% price has reduced by since first listing

Properties with reduced price since initial listing

1

Holland Park

24

10

2

Hyde Park Corner

23

10

3

Cubitt Town

22

10

4

Blackwall

22

11

5

Kilburn

22

10

6

Kensington

22

14

7

Brook Green

21

20

8

Westbourne Green

21

13

9

Marylebone

21

30

10

Fulham

21

12

11

West Brompton

20

14

12

Belgravia

20

19

13

Strand on the Green

20

12

14

Childs Hill

20

13

15

South Kensington

20

17

16

Bromley

19

15

17

Nine Elms

19

15

18

Brompton

19

10

19

Paddington

19

37

20

Bermondsey

19

10

21

St John’s Wood

19

18

22

Millbank

19

15

23

Croydon

19

11

24

Brentford

19

10

25

Stockwell

19

11

26

Bayswater

19

29

27

Richmond

19

13

28

Pimlico

19

14

29

Battersea

19

13

30

Chelsea

18

20

31

Shepherd’s Bush

18

12

32

Brixton

18

11

33

Sands End

18

14

34

Bloomsbury

18

12

35

Hammersmith

18

16

36

Clapham Junction

18

10

37

Earl’s Court

18

11

38

Vauxhall

18

13

39

Maitland Park

18

21

40

Church End

18

10

41

West Kensington

17

26

42

Belsize Park

17

12

43

Ealing

17

16

44

North Kensington

17

13

45

Lisson Grove

17

31

 

 

Comments from Raj Dosanjh, Rentround founder

 

The property market is on edge at the moment. The stamp duty holiday duration, end of furlough, Brexit and working from home practices are creating a real risk to London property prices and rental amounts.

It’s unclear if the news from Halifax warrants panic at this stage, or if it’s just a blip. Nevertheless it’s another thing to worry about for London property owners & landlords.

The price reductions appear to be centred towards the West & North West of London, which will worry property owners & landlords in those areas.

In parallel to this news, January saw the highest number of London landlords using our platform to compare letting agents fees & services.

Our data shows that guaranteed rent is a service in demand. Searches for this service increased by 22% over the last quarter, indicating landlords are looking to lock in some of their rental income.

However many letting agents on Rentround have pulled back their guaranteed rent services, or increased their prices. Landlords looking to obtain the security this service provides in the midst of worker migrations out of London (which will impact rental income), may find it difficult. 

 

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