Jitters in the London residential market have pushed estate agents to advise sellers to offer price cuts totalling more than £2 billion in the run-up to Brexit, new research said on Wednesday.
Online estate agent-cum-lender Nested said that, since April, £2.1 billion has been slashed off asking prices on properties.
The biggest cuts came in Westminster and Kensington & Chelsea, with £408 million and £220 million respectively coming off original prices.
Those areas contain some of the capital’s most luxurious homes. The prime sector has been hurt by higher taxes and reduced demand.
Matt Robinson, boss of Nested, told the Evening Standard: “The endless uncertainty around Brexit has had a profound effect. Both buyers and sellers are looking for certainty, and given how negotiations have been going this week that may be some time off.”
However, he added that there are opportunities for bargains: “With money still relatively cheap to borrow and prices falling in some places, buyers can realistically snap up properties they couldn’t have afforded in a stronger market.”
