30% of homes in Westminster, Camden and Haringey cut asking prices as demand slows

Almost a third of houses in Westminster, Camden and Haringey have cut their asking prices as demand

Almost a third of houses in Westminster, Camden and Haringey have cut their asking prices as demand for property slows - Credit: PA Wire/Press Association Images

Demand for property in Westminster has dropped 42 per cent since February, the highest amount in the country, according to research by online estate agent eMoov.

In addition, Zoopla figures show that nearly a third of properties on sale in the borough have seen their asking price reduced by an average of £152,789 (8.16 pc of the asking price) since they were listed.

In Camden 30.7 pc of properties have been reduced by an average of 7.42 pc (equivalent to £95,220) while in Haringey 30.3 pc of properties have dropped by 8.46 pc (£64,840).

Comparing the total number of properties sold with the number on sale, eMoov also found that demand across the UK dropped by 8 pc since February, while demand in the capital dropped an average of 28 pc.

While Glasgow saw the biggest rise in demand, up 28 pc, other areas showing high demand are those that are an easy commute to London, or those where the commute is set to become faster thanks to Crossrail.

Reading saw the country’s second highest level of demand in December at 67 pc, while Brentwood and Hillingdon saw demand levels of 60 pc. All three locations will be served by Crossrail once it opens.

Meanwhile, Zoopla’s report shows that price reductions on properties in London have nearly doubled since February this year, with 29 pc of properties seeing their asking price reduced compared to 15 pc earlier in the year.

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This figure is slightly lower than the nationwide one, which shows that the UK has seen 33 pc of all properties currently on sale lower their asking price at least once, the highest level of price reducing since August 2012.

Lawrence Hall from Zoopla said: “The property market typically slows in December as buyers postpone their plans until the New Year and become pre-occupied with the festive season, but these figures suggest that sellers may be being forced to rest their expectations and become more realistic in order to secure a buyer.

“People are well attuned to a bargain at this time of year, so homebuyers may want to capitalise on the latest raft of reductions.”

The average price reduction has also grown since the start of the year, with asking price reductions now at 6.7% on average off the initial asking price (equivalent to £24,429), up from 6.3% (£20,781) in February 2014.