There have been huge drops in the prime London market.
In the first quarter of this year, both prices and new instructions across prime London and its fringes dropped.
According to the estate agents network and data provider LonRes, prices were down 9.7% compared with a year ago, while new instructions were down 27%.
In prime central London – the most expensive postcodes in London, including Kensington and Chelsea – new instructions were down by 38% compared with the first quarter of last year.
However, demand appears to be rising, with just over half of agents replying to the latest LonRes survey reporting a rise in applicants.
One third of the agents (30%) also reported a rise in landlords selling investment properties.
Marcus Dixon, head of research at LonRes, said Brexit meant that many prospective buyers had chosen not to transact. Those who did choose to go ahead negotiated accordingly, meaning bigger discounts on asking prices.
LonRes does not report across the whole of Greater London, but across central London and its fringes, plus other ‘prime’ areas. It has over 6,000 subscribers and currently 17,800 properties available for sale plus 8,800 available to rent.