Slow-moving prime London property market drives £1 billion January ‘sale’

The pain in the prime London property market continues as research reveals that nearly £1 billion has been knocked off the original asking prices of properties for sale within its upmarket streets. Analysis of portal data by Garrington Property Finders shows that the average reductions is 9% or, by the crazy metrics of the capital’s property market, £223,000. Such dramatic reductions (shown in a heat-map form, above) have been created by a slow market, Garrington says, and in six of the seven areas featuring the greatest reductions more than half of properties currently for sale have been on the market for over six months. The most dramatic reductions in prime London property are in the more expensive enclaves including St James and Victoria, where the average reduction is 14.1% or £765,919 and Knightsbridge, where asking prices have been slashed by 12.1% or £927,188 on average. Well-to-do homes in the City, South Kensington, Soho, Covent Garden and Marylebone areas of London have all seen an average reduction of approximately 10%, the research shows. “2017 was not a year for the faint-hearted in London’s prime property market,” Garrington’s Managing Director Jonothan Hopper (pictured, left). “Acute price sensitivity among buyers continues to force…