Pursuits
Discounts of 10% on London Luxury Homes Fail to Tempt Buyers
Apartment Mount Street, Mount Street, London, W1, United Kingdom, Architect: Ptp Architects, 2009, Mayfair Apartment, Ptp Architects
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The market for homes in prime central London is stagnating before the referendum on the U.K.’s future in Europe, according to Knight Frank LLP, with price cuts of more than 10 percent failing to attract buyers.
Values in the district of Hyde Park declined 4.8 percent in the year to May, while they were 4.6 percent lower in South Kensington and down 3.5 percent in Chelsea, the London-based broker said in a report Tuesday. The number of active buyers has more than halved in the past year, according to the report.