Buyers of super-luxury London homes are getting 21% slashed off asking prices with Brexit spooking the market, new research from Coutts shows.
The Queen’s bank said there was a 12.7% average discount on asking prices in the first quarter for homes valued between £1 million and £10 million. Properties above £10 million got an average 21.4% off.
The firm put the “cautious” mood down to Brexit uncertainty and stamp duty rises.
Katherine O’Shea at Coutts’ real estate investment service also pointed out foreign buyers can get a further, currency-related boost.
She said: “The current status of the pound means that for dollar-denominated buyers, prime London property is about 40% cheaper than it was in 2014.”
Homes are lingering on the market longer too — over six months typically.
Across the whole of the prime market in London, prices edged up 0.4% from the previous quarter. That was owing to demand in areas such as Hampstead and Richmond.
