Press "Enter" to skip to content

Top London Neighbourhoods with the biggest property price reductions revealed in new research

Top London Neighbourhoods with the biggest property price reductions revealed in new research
© Enness Global

The world’s leading high-net-worth mortgage broker, Enness Global, has revealed which pockets of the prime London market are home to the best chance of a discounted property purchase for high-net-worth homebuyers.

Enness Global looked at current property stock levels across London’s most prestigious neighbourhoods for homes at £3m and above, before highlighting what percentage of these homes have seen the priced reduced in order to secure a buyer.

The research shows that across London, 21% of all properties listed at £3m or above have seen a reduction in price.

Maida Vale currently offers the best chance for HNW homebuyers to secure a bargain in London’s high-end market. 38% of the homes currently listed for sale at £3m or above in the area have seen the price reduced.

Hampstead, St James’s and Pimlico also rank high, with 31% of all prime property stock listed across these areas having seen a price reduction.

Kensington, South Kensington, Regents Park, Victoria, Westminster and Bayswater also rank within the top 10 for the largest percentage of homes above £3m to have seen the price dropped in current market conditions.

However, you won’t find many prime properties priced to sell in Soho. Of all stock listed above £3m in the area, just 6% have seen the asking price dropped, while Fitzrovia has seen just 9% of £3m+ homes reduced in price.

Group CEO of Enness Global Mortgages, Islay Robinson, commented: “The prime London market is becoming increasingly popular at present, particularly amongst foreign buyers looking to pick up a relative bargain in current market conditions.”

“A combination of Brexit uncertainty and the current pandemic has seen many sellers reduce their asking price expectations in order to secure a sale.”

“When you couple this with the current stamp duty savings on offer and the weaker pound, the prime London market presents a very attractive option at present.”

“Of course, not everywhere presents a property discount and those with the smallest percentage of price-reduced properties indicate where the London market is currently at its hottest where high-end homebuyer demand is concerned.”

Source: Daily Scotland