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London mansions see sharp listing price cuts as sales stall
A sample in Prime Central London shows asking prices falling by nearly £1m in one case, and from £20m to £14m and £16m to under £14m in others.
The Guardian Business reports that London’s premium residential market is struggling to sell, with sellers cutting asking prices in prime areas as the segment shows signs of a slowdown. In South Kensington, the outlet highlights a west London flat at Queen’s Gate Gardens whose listing price has dropped by nearly £1m since last year, to £4.4m, despite an address near major museums. The report also cites other examples in Prime Central London, including a nearby house originally listed at £20m that was cut to £14m this year, and a Notting Hill home that came to market at £16m two years ago and is now being offered for less than £14m. The article says borrowing costs and affordability pressures are weighing on buyers, while London’s richest residents are also making deep cuts to prices as the premium property market remains stuck in a rut.