Regency reduction: £1 million has just been slashed off the asking price of this Nash Terrace home

The asking price of Gloucester Gate has been reduced by �1 million (Image: Archant)

A Regent’s Park home has had over £1,000,000 sliced off the asking price. The property, which is found in the prestigious Outer Circle of the Regency Nash Terraces which line the park, offers spacious accommodation to property hunters searching for a historical home in one of London’s most exclusive postcodes.

Bargain hunters shouldn’t hold their breath however; the home is now on the market for a cool £4,950,000.

With an illustrious postcode and high grade accommodation you might have expected the home to have flown off the shelf even at its original price of £5.75 million, but it appears to have been one of the earliest casualties of Brexit.

The Gloucester Gate property came on to the market the day after the EU referendum in June 2016, which saw the UK vote to leave the European Union. In a new climate of uncertainty compounded by stamp duty hikes the London prime market stalled over summer and the listing was one of many that has languished.

The market has begun to pick up since this low ebb, with blossom on the trees and a spring in the step of agents who find that by carving off a chunk of the listed price, properties that have gathered dust in agency windows suddenly sparkle like new.

A significant price reduction such as this is sure to spark renewed interest, and we wouldn’t be surprised to see the news of this reduction generate a flurry of viewings and more than one offer.

The property is found in one of the stucco-fronted Nash Terraces, commissioned to architect John Nash by the Price Regent in 1811. The Regency Terraces were part of Nash’s elaborate redesign of the Marylebone and Regents Park area, which included plans for a garden city interspersed with villas and lakes. Although the ambitious proposal never reached fruition, the green spaces of the park can be seen from the spacious reception room, beckoning occupants on warm days. The ZSL London Zoo is just outside for little ones, with the bars and entertainment of Camden and leafy cafe culture of Primrose Hill a stones throw away.

A rare find in central London, the low built house provides all principal accommodation over two floors. With four bedrooms and three bathrooms covering 3,467 sq ft, the property also has storerooms and a garage. Regent’s Park and Camden Town Underground stations are located within walking distance, as are the shops, cafes and amenities of the high streets of Marylebone and St John’s Wood.

For a prime central property on one of London’s most exclusive terraces and an address to end all after-dinner postcode wars, the improvement in the property market and a reduced price is likely to tempt eager buyers. Money talks, and buyers respond to the siren call of a price reduction with pound signs in their eyes. But you already knew that, if ‘price reduction’ didn’t catch your attention, you wouldn’t be reading this article.

Gloucester Gate is marketed by Arlington Residential, and is offered at £4,950,000.