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


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

For sale: New show homes open at Highgate development

Two new show apartments have opened at a luxury development in Highgate.

Elegant cottage formerly home to renowned poet, A.E Housman, now for sale in Highgate Village

A cottage in Highgate Village where the renowned poet A.E Housman once lived is now available to buy.

Comment: A War of the Roses? The challenges of dealing with property and divorce

Trevor Abrahmsohn, MD at north London agents Glentree, writes about his encounters with divorcing couples selling the marital home

Home of the week: Handsome 5 bedroom property in Hampstead perfect for a family

On the market for the first time in many years is this attractive, substantial detached double fronted family house located in a prime location.

Fancy owning a Picasso? It’s not impossible says Belsize Village gallery owner

Emma Rice talks to Andrea Sylvester about art and how we could all potentially own a Picasso or a Chagall, if that’s what we love

Callender Howorth interior designers transform Grade II-listed home in Hampstead

Mark Howorth, the founder of luxury interior design firm Callender Howorth, tells us how he brought elegant Indian influences to a period property on NW3’s Heath Drive

Primrose Hill artist Michal Cole on transforming her paintings into woven masterpieces

“It’s actually bringing these paintings back into what they used to be in the Renaissance times – as tapestries.”

Home improvements: How to make a rustic hanging rail

Fancy getting stuck into a creative project? Try your hand at woodworking and hang your coats on this minimalist marvel.

Home of the Week: Handsome four-bedroom Victorian terrace in Dartmouth Park

An attractive four-storey Victorian family home on the upper slopes of peaceful Dartmouth Park

King’s Cross area guide: shopping, culture, eating out and the station

Your guide to all the things to do in King’s Cross, including the best shops, cafes, pubs and schools. Plus our guide to property in N1C

Three properties for sale in King’s Cross

Here are three properties you can buy in King’s Croos, from new builds to conversions

1930s garage transformed into 10 luxury apartments in Belsize Village

A Belsize Village car repair and parking depot dating back to the 1930s has been transformed into a luxury apartment development.

Escape to the garden: Primrose Hill home gets a new luxury retreat

Chalk farm engineer and treehouse specialist talks about co-designing a new Escape Pod that can sit at the bottom of your garden

Home of the week: Room for all your earthly possesions in sought-after Hampstead enclave

An accommodating and beautifully presented, five-bedroom family house, set in the desirable South Hill Park Conservation Area.

Gardens: How best to stock your pond with fish

From picking suitable species to ensuring your pond is safe, Hannah Stephenson runs through some key points to consider before you start.

Most Read

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

2018 © Archant Community Media Ltd

Terms and conditions | Cookie policy | Jobs at Archant