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 the 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|
|2||Hyde Park Corner||23||10|
|13||Strand on the Green||20||12|
|21||St John’s Wood||19||18|
Comments from Raj Dosanjh, Rentround founder
Top 3 properties that have seen the highest price reductions since first listing
Below are the top 3 London properties currently for sale, that have seen the highest reduction in property price as compared to the initial listing price
1. Fulham Palace Road: The asking price has been reduced by 48% from the first listing price
Current price: £1,300,000
On the market for 185 days, situated close to Bishop’s Park on the junction of the Fulham Palace Road and the Fulham Road. The property comprises a first-floor studio flat, second-floor one-bedroom flat, third-floor studio flat including a westerly-facing terrace with panoramic views and a ground floor and basement A2 commercial unit with a well-maintained courtyard with rear access. Occupying approximately 1200 sq ft of internal floor space
2. Cricklewood Lane, London: The asking price has been reduced by 46% from the first listing price.
Current asking price: £490,000
On the market for 190 days, a high-quality apartment with a spacious open living area and benefiting from integrated kitchen appliances. It has great connectivity to the city whilst still taking advantage of the village area in West Hampstead. The property is being marketing towards working professionals.
3. Charrington Tower, Biscayne Avenue, London: The asking price has been reduced by 43% from the first listing price.
Current price: £995,000
A 2 bedroom apartment within a premium riverfront development, known for its privacy, peace, and tranquillity. The apartment comprises a spacious reception with floor-to-ceiling windows, a balcony with bright decor, an elegant dining area, and a stylish fully fitted kitchen. The development offers residents a 24-hour concierge, residents gym, a 25-meter lap pool, a sauna, a steam room, and hydro pool.