The average prime property in London takes six months to sell, according to the latest data. And sellers are offering an average discount of 12.7 percent on the asking price of those prime homes.
The private bank Coutts analysed the current status of the prime property market in the capital to note that sales are at their lowest level since 2013.
Prime properties are those valued between £1 and £10 million with Coutts noting that prices of in that bracket have fallen since the first quarter of 2018.
Those keen to sell are willing to negotiate on price, too, with the biggest discounts offered on the most expensive homes. Those worth upwards of £10 million are being sold with an average fifth off the asking price at 21 percent.
Katherine O’Shea, of Coutts Real Estate Investment Service, says overseas buyers keen on a London home are quids in.
She said: “The current status of the pound means for that dollar-denominated buyers, prime London property is about 40 percent cheaper than it was in 2014, and for those using euros to make a purchase, it’s about 30 percent cheaper.”
Prime London prices are up by 0.4 percent in the first quarter of 2019 but 17 percent lower than their peak in 2014.
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