Pursuits
London Luxury-Home Prices Reduced at Highest Rate Since 2013
- Home sales in Westminster and Kensington and Chelsea fall
- Mayfair townhouse was most expensive home sold in January
LONDON, ENGLAND - JULY 26: An Aerial view of houses in Knightsbridge on July 26, 2011 in London, England.
Photographer: Tom Shaw/Getty ImagesThis article is for subscribers only.
Sellers of luxury London homes are cutting asking prices on the largest proportion of properties in at least three years as high values, commodity-price declines and new taxes damp demand.
Vendors have cut the asking prices on 39 percent of homes in central London’s best districts since they were first offered for sale, according to data compiled by researcher Lonres in January. That’s up from 33 percent a year earlier, the data shows.