Logo

Four in ten London home sellers are cutting asking prices, the highest figure since 2010

PUBLISHED: 14:30 14 November 2017

The fall in asking prices is likely to continue into the new year, according to north London estate agent James Morton

The fall in asking prices is likely to continue into the new year, according to north London estate agent James Morton

PA

Sellers have cut asking prices by an average of 6.7 per cent over the last month, according to new figures

More than four in ten London home sellers are cutting asking prices as the capital’s housing market continues to slump, according to a Rightmove report

Although the property website acknowledged this drop in new seller asking prices is the norm for homes in the run-up to Christmas, with falls recorded in six of the last seven years, this month’s figure is the highest since 2010.

The report found that sellers are cutting asking prices by an average 6.7 per cent, and that these cuts are being driven by “initial over-optimism and a tougher market.”

James Morton, director of north London estate agents Benham & Reeves also believes “soaring Stamp Duty and the uncertainty surrounding Brexit” are fuelling a buyer demand for lower asking prices, which forces sellers who need to make the sale quickly to reduce their asking price.

“Motivated sellers, who either need to sell for personal reasons or have found their next property, are the most likely to reduce their asking price to encourage viewings and offers, because buyers are only prepared to commit to a purchase when they feel they are paying the correct price. The starting point for this price therefore needs to be enticing to attract buyers in the first place.”


A fall in asking prices is likely to continue into the New Year, according to James who said “at Benham & Reeves we feel 2018 will be more of the same. Until the Brexit negotiations give any clear indication of the impact on the financial services industry in the City of London, many buyers and sellers will continue to sit on their hands.”

In north London and Hampstead specifically, the agent said: “A considerable volume of properties have values in excess of £1,000,000, so buyer demand for many of our clients has subsided. Only those properties correctly priced are the ones selling.”

“A drop in Stamp Duty in the Chancellors budget on November 22nd would certainly help to increase demand, and those buyers sitting on the fence may well make change their attitude and commit to buying if that is implemented. After all, the majority of people still see property as a good long term investment and most people would prefer to own their own home,” said James.

Property search


e.g. Oxford or NW3
Powered by Zoopla

Other Hampstead and Highgate property news

North London developer says the cut to stamp duty is a “gamechanger” for first-time buyers

Abolishing stamp duty for most first-time buyers will make it easier for them to get on the property ladder, according to a north London real estate developer

Comment: My response to the Chancellor’s budget

Trevor Abrahmsohn, director of north London agents Glentree Estates, believes the governments new housing proposals, as part of the Budget 2017, will go some way into making home ownership “a human right, rather than a privilege”

North London agents say government’s abolishment of stamp duty won’t help first-time buyers in the capital

Housing analysts and north London estate agents are among many who believe abolishing stamp duty for first-time buyers will have little impact on the capital’s housing crisis

Winter patio pots looking lacklustre? Try 3 things to perk them up

Perk up your winter pots to keep them looking fabulous over the festive season

How to install a hidden wall safe

A discreet safe to keep valuables protected isn’t just something for the rich and famous to consider. Richard Burr reveals how to fit one

Christmas gift guide: 14 top picks for gardeners and green-fingered types

From sweet stocking-fillers to wow-factor pressies, these are bound to delight

Comment: My letter to our illusive housing minister

According to Simon Gerrard, managing director of Martyn Gerrard estate agents, the government are failing to deliver a strategic approach in response to the housing crisis

Former Hampstead guesthouse is for sale as a 7 bedroom residential home

Owner, Annemarie van der Meer hopes to sell the property to a buyer looking for a spacious family home

For sale in Highgate: top three

On the market this week are three historic properties with period features, high ceilings and far-reaching views in an eviable location

The Japanese wonder toilet taking the world by storm

TOTO, inventor of the ‘Washlet’, claim the rate of sales for their product in Europe has doubled year on year since launching in 2009

5 things to consider before storing your garden tools away for winter

Give your tools some TLC before you put them away for the winter. Our guide shows you how to look after them - and make them last

Home of the week: Converted Hampstead church

This weeks choice is a former Presbyterian Church, boasting a galleried mezzanine floor with rooftop views

Highgate area guide: schools, shops, pubs and parks

Your guide to things to do in Highgate, including the best shops, cafes, restaurants and schools. PLUS our guide to property in N6

Dress it up: 13 fabulous finds for giving your dressing table a mini or major makeover

With party season approaching, it’s time to take a look in the mirror and reassess your beauty station

5 top home improvements you should do instead of moving

Richard Burr reveals how to gain more space in your house

Four in ten London home sellers are cutting asking prices, the highest figure since 2010

Sellers have cut asking prices by an average of 6.7 per cent over the last month, according to new figures

Is it too late to plant bulbs? Not if you follow our guide

There’s still time to plant tulips and bring vibrant colour to your garden next spring

Three new properties on the market in Paddington

Paddington 2 was recently released in cinemas, but there’s more to this area than the bear with a fondness for marmalade

Belsize Park area guide: restaurants, schools, cinema and celebrities

Your guide to things to do in Belsize Park, including the best shops, cafes, restaurants and schools. PLUS our guide to property in NW3

Internationally renowned fireplace brand opens showroom in north London

The new gallery features high ceilings and an abundance of natural light, the perfect space for showcasing fireside, outdoor living and architectural products

3 wallpaper experts reveal their top style tips for 2018

Gabrielle Fagan speaks to those-in-the-know and reveals their top tips and wallpaper trend predictions for next year

Need more storage? How to build sturdy shelves in your alcoves in 5 simple steps

Richard Burr reveals top tips to help DIYers get the job done

For sale in Belsize Park: top three

On the market this week are two stucco-fronted properties with contemporary living space and a red-brick apartment featuring a private terrace

There’s lots to think about when it comes to buying a new carpet

Property columnist Jane Howdle weighs up practicality vs aesthetic

Home of the week: Hampstead Way

This weeks choice is set on a tree lined road, boasting a large lawned garden and an abundance of natural light

Rising interest rates and what it means for homeowners

The hike in interest rates is likely to send mortgage bills higher for millions of families and further disrupt the property market, according to a north London agent

How to make your supermarket basil last longer

Fed up with spending a fortune on supermarket basil? Follow our guide to making it last longer

Why we’re not all equipped for renovating

Columnist Jane Howdle explains why she’ll never buy a property that needs renovating

For sale in Maida Vale: top three

On the market now, we’ve found three properties boasting natural light and great views

Comment: The new wave of Russian buyers descending on our shores

Director of north west London estate agents, Glentree Estates welcomes the return of the Russian buyer

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

2017 © Archant Community Media Ltd

Terms and conditions | Cookie policy | Jobs at Archant