Yahoo Finance Revealed: The London hot-spots with the most 'cut price tag' homes in UK
Twickenham is London’s “price-cut hotspot” with more homes on the market carrying a “reduced” tag than anywhere else in Britain.
Almost 42 per cent of the properties for sale in the south-west London commuter haven have already had their asking prices slashed, according to data from property website Zoopla.
That means owners have had to lower their prices by an average of £41,832, or 6.2 per cent of their original demands, the analysis suggests.
Across London as a whole, 34.6 per cent of homes currently on the market have had their prices reduced. The average cut is 6.7 per cent, equivalent to £62,581 off the original asking price.
Mitcham in south London follows Twickenham in the price-cut league table with 41.6 per cent of its “for sale” properties reduced, with an average cut of 6.8 per cent.
London's price-cut hotspots for homes
1.Twickenham
2.Mitcham
3.South Croydon
4.Croydon
5.Harrow
Third and fourth are South Croydon and Croydon with Harrow in seventh place. In total, five of the top 10 price cut areas in Britain — as measured by the proportion of homes with a price reduction — are in London.
The capital’s home owners have been forced to row back their expectations over the past year as stretched buyers have begun to baulk at paying “top of the market” prices.
Figures from the Land Registry yesterday confirmed that average London prices fell one per cent in the year to February, the first annual drop in the capital since September 2009.
In cash terms the biggest falls in price have been in the most expensive areas, where they rose the fastest during the boom years.
The average reduction in Westminster is £117,430 — more than the average cost of a home in some parts of the country — while in Kensington and Chelsea it is £113,491. Last August the Standard revealed that the price of a mansion in Clerkenwell had been cut by half to £4 million after languishing on the market for four years. It is still on the market.
Zoopla property expert Lawrence Hall said: “At present, nearly a third of properties on the market have been reduced in asking price, with some average discounts eclipsing eight per cent. This should be welcome news for prospective first-time buyers looking to get a foot on the property ladder.”
Estate agents said many sellers had been holding out for prices not seen since the top of the market in 2014 that buyers were not prepared to meet. However, with the prospect of further interest rates rises from next month they are cutting their prices to secure a sale.
