Londoners make large cuts in asking prices

Londoners make large cuts in asking prices

In the past fortnight homeowners in London have begun to drastically reduce asking prices to secure a sale.

Research from property search engine, Globrix, has revealed that those anxious to find a purchaser before Christmas are prepared to knock over £100,000 off the price of their homes.

In the capital’s two most expensive boroughs, Westminster and Kensington & Chelsea, the average price drop stands at £108,166 and £100,797 respectively.

In Camden the cut averages £55,728; Richmond £44,313; Lambeth £40,842; Barking & Dagenham £11,464; Havering; £11,629 and Newham £11,213.

Taking the London property market as a whole, Globrix calculates the average reduction at £28,796.

Outside the capital, Globrix found that Nottingham asking prices had been reduced by an average of 8.2% since 10th November, while in Cardiff the cut is around 6%.

It would seem that a general reluctance by British homeowners to accept that property prices having been falling for the past year is being eroded by reality.

The mortgage market remains severely constricted by the credit crisis, with the number of loans for new house purchases falling an annual 57% in September, to a mere 35,000.

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