New research has revealed that almost half of those who purchased property in prime areas of Central London during the first quarter (Q1) of 2017 managed to secure their purchase for below its original asking price.
According to the latest property data tracker from LonRes, the average Prime Central London property sold for 9.1 per cent lower than its asking price in Q1 – suggesting that now might be a good time for wise investors to make inquiries, assuming that the trend is set to continue.
The data revealed that 45 per cent of prime properties were reduced in price before the point of sale.
Meanwhile, number of homes sold actually fell by 26 per cent year-on-year, while the lettings market welcomed substantial growth.
Commentators suggest that higher rates of Stamp Duty Land Tax (SDLT) introduced in recent years and the three per cent surcharge imposed upon second home purchases continue to deter many buyers, despite the increasingly attractive deals evidently available.
However, the trend in falling prices has had a knock-on effect for sellers – 15 per cent of whom ultimately decided not to move as opposed to accepting a lower offer on their property in Q1.