Luxury London Home Sellers Cut Asking Prices to Keep Deals Alive
- Number of discounts on city’s priciest homes doubled this year
- Costly borrowing is weighing on even the wealthiest homebuyers
The amount of £5 million-plus deals falling through rose15% between January and July.
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Britain’s intensifying mortgage crunch is now forcing London’s wealthiest home sellers to agree to discounts or risk deals falling through.
The number of price reductions for deals worth £5 million ($6.4 million) or more almost doubled in the year through July, compared with the same period in 2022, according to a report by researcher LonRes. The data also showed transaction volumes in London’s prime property market — which includes the capital’s most affluent postcodes — dropped by more than a quarter in July, compared with the same month a year earlier.