New data reveals the true scale of asking price reductions in central London

Data firm Propcision has discovered that asking prices on prime central London properties are falling by as much as 30%

During the recent study, one particularly property in Westminster was found to have had its price-tag slashed by £6m, which is the equivalent of 14 per cent of the original asking price.

Overall, average reductions in asking prices were more modest at around 5-7 per cent on most central London properties, most of which were situated in and around Westminster, Wandsworth, Kensington and Chelsea, Lambeth, and Hammersmith and Fulham. Whilst there were also larger reductions found across those areas, Propcision insisted that drops of this scale are rare.

“Marketing history of the properties suggest a series of reductions over time. It may be that sellers initially priced ambitiously with hopes of an ever-inreasing market.”

Horton and Garton have also observed more and more price revisions via other agencies across Hammersmith and Fulham, and are keen to emphasise the importance of sensible advice and realistic valuations from day one.

Our best strategy has always been to guide clients in their pricing decisions, using our detailed local knowledge and experience of the market in the area. A sensible market price from day one has always been key to achieving the best market.

For more information on selling property in and around Hammersmith and Fulham, or to request a consultation and valuation, contact our selling team.