London Property Market Cooling As Asking Prices Are Slashed

London’s property market appears to be cooling down with research revealing that up to 40pc of houses for sale in some areas of the capital have had to cut their asking prices since coming to market.

Earl’s Court, in west London, and Surbiton, to the south-west, had the highest proportion of price cuts in the capital, with 40pc and 38pc of properties for sale in the respective regions reduced in value.

The price cuts are largely concentrated in the high end of the market, in the centre, west and south-west of the city.

One-third of properties currently for sale in the borough of Kensington and Chelsea have had to cut their asking prices by an average 8pc, according to property analysis firm Propcision.

Adam Challis, head of residential research at JLL, said: “The demand doesn’t fuel a sense of urgency so you need to adjust expectations on price to get an agreed sale.”

He added: “What we’re seeing are moves in the market to get in line with expectations, but to create a soft landing or a stabilisation or plateau, rather than a fall.”

Other areas which have suffered considerable prices cut include Kingston-upon-Thames, Fulham, Wandsworth, Westminster, Hammersmith and Knightsbridge.

Propcision has tracked all properties that are currently available for sale to the public, including new-build homes.

–Telegraph