Research into which boroughs currently offer the best chance for homebuyers to secure a reduced price puts the City of London at the wrong end of the rankings.
Just 25% of buyers are in with a chance of negotiating a better price on their new home, with negotiations only tougher in Bexley, Havering (both 22%), and Barking & Dagenham (18%).
While London may be trailing the rest of the UK in terms of topline property price appreciation, recent research by Benham and Reeves found that the capital’s homesellers are now achieving a higher percentage of asking price when compared to the start of the year, as momentum starts to build across the London market.
However, sellers are remaining realistic about their price expectations in current market conditions. This means there are plenty of homes selling at a reduced price compared to the initial asking price they first entered the market at.
Across London as a whole, 31% of homes listed for sale have seen a reduction in asking price while on the market.
Lambeth provides the best chance of securing a discounted London property in current market conditions, with 38% of property stock listed for sale in the borough having seen a reduction in asking price.
Hammersmith and Fulham also presents a good opportunity of finding a discounted purchase, with 37% of all homes seeing a downward adjustment in asking price.
Camden, Kensington and Chelsea and Wandsworth have also seen 36% of homes reduce in price, with Southwark (35%), Westminster (34%), Merton (34%), Richmond (34%) and Tower Hamlets (34%) also making the top 10.
Director of Benham and Reeves, Marc von Grundherr, said that while much of the UK is very much a seller’s market at present, it’s a fantastic time to be a buyer in London.
“House prices haven’t skyrocketed as a result of the stamp duty holiday in the same way they have in other more affordable regions and the pandemic has continued to have an influence on buyer demand levels, particularly across the capital’s more central boroughs.
“This has been largely down to a reduction in foreign buyer demand due to travel restrictions and the trend of remote working seen during lockdown restrictions.
“As a result, many sellers have had to adjust their price expectations in order to secure a buyer but if you do want to secure a discounted purchase, you had better be quick.
“As London has gradually reopened the property market has quietly been building momentum and we’re now starting to see properties sell for a far better price than they were just a few months ago.”