Five London Homes Where Asking Prices Have Tumbled by 20% or More
London’s housing market is in a state of flux, as a combination of Brexit and increased stamp duty lead to forecasts that values will drop. In many parts of the capital, though, those falls are already happening.
Luxury home prices in some of the most expensive districts fell by more than 10 percent in the 12 months through November, according to broker Knight Frank LP. In Chelsea, they’re down 12.6 percent, Kensington values are down 9.1 percent and north of Hyde Park, the priciest homes are selling for 11.2 percent less than a year ago.
Home prices in the U.K. capital fell for the sixth month in a row in September, LSL Property Services Plc and Acadata said last month. The market in the more affordable districts of the U.K. capital is also beginning to slow, a Bloomberg analysis of data from the U.K. Land Registry shows.
With predictions that prices will fall in 2017, here are five properties that recently cut their asking prices by about 20 percent or more:
Stratheden, The Bishops Avenue, N2: 40% Reduction
The vendor of this mansion on one of the two London streets known as Billionaire’s Row is now willing to sell for about 15 million pounds ($18.9 million), compared with an initial asking price of about 25 million pounds, according to broker Glentree International. The property features a 3,000 square-foot (279 square-meter) ballroom, three times the size of an average new three-bedroom home in the U.K. There’s also a 15-meter swimming pool and the home is a short walk from the Hampstead and Highgate golf clubs.
“It’s a substantial reduction, fully reflecting the challenging post-Brexit market of today,” said Trevor Abrahmsohn, managing director of the broker.
Agent: Glentree International
Stanley Street, SE8: 20% Reduction
With two balconies and a garden, this new-build home is a 7-minute train journey from London Bridge and it’s close to the East London rail line -- sometimes known as the Hipster Express -- that links with technology hubs Shoreditch and Whitechapel. The broker is seeking offers of more than 795,000 pounds, reduced from 995,000 pounds in July.
Agent: Peter James
Bouverie Place, W2: 19% Reduction
Asking 1.8 million pounds in August, a five-bedroom house near Paddington Station is now being offered at 1.45 million pounds. The property has offices on the ground floor and could be redeveloped subject to planning regulations, the broker says.
Riverside Drive, Golders Green, NW11: 28% Reduction
A four-bedroom flat in this north-west London property is available for more than 1 million pounds, having been listed at 1.395 million pounds in May. The district is popular with the Orthodox Jewish community and Hampstead Heath and Golders Hill park are nearby.
Agent: Dreamview Estates
Kensington Court Place, W8: 25% Reduction
This four-bedroom home has a roof terrace and patio area and the Royal Albert Hall concert venue and Hyde Park are a short walk away. Contracts were exchanged on Dec. 6 to sell the property after its asking price was reduced from 4.35 million pounds to 3.25 million.
Agent: Faron Sutaria