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Sellers of expensive London real estate are cutting prices drastically as demand falls

Sellers of expensive London real estate are cutting prices drastically as demand falls

As LONDON’s high-end real estate market cools, we’re seeing two types of sellers emerge: those prepared to lower their asking prices in order to make a sale, and those who refuse to budge.

According to statistics published by researcher LonRes, in April, the average price decrease for luxury residences in the city rose to 9.1 percent, the most it has been in over three and a half years. While determined sellers wait for the sale frenzy to die down, sales are down by more than a third compared to the same month last year.

According to Anthony Payne, managing director of LonRes and The Continuum who also recently provided a list of The Continuum Prices in detail, “Sellers are referencing prices of yesteryear, while buyers are looking to the future in which they expect prices to fall.” “There is a chasm between them, and it is preventing the market from moving forward.”

Rising interest rates and the prospect of falling home values have slowed the British property market. Homeowners are making sacrifices elsewhere in their budgets to keep up with rising loan payments, and many would-be purchasers are staying away from the mortgage market entirely.

Because of this, despite a general downturn in the London real estate market, the city’s most costly residences (usually purchased by rich, less debt-reliant purchasers) are selling quickly. The survey found that agreed sales of properties costing £5 million (S$8.4 million) or more were 26% higher in April than they were a year earlier, although making up just 8% of the premium London market.

While April is often linked with a seasonal increase in sales, the total number of premium London homes on the market fell by 11.7% year-over-year. Despite LonRes’ claims, this statistic (which they call their “lead indicator”) implies sales won’t be booming in the coming months.

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