Property transactions fall by over a fifth in London

The number of properties sold across prime London fell 21% in the last three months of last year, compared with the final quarter of 2015.

LonRes, the information and shared listing platform which covers all of central London plus a large number of other areas, says that by contrast there were 14% more properties let compared with the fourth quarter of 2015.

In newly published information, it says that 2016 was, however, “undoubtedly a difficult year for the prime London property market”.

Many buyers, it has reported, “chose to wait it out”.

Others negotiated an average of 9.3% off asking prices.

In the fourth quarter, 49% of properties sold had been reduced before finding a buyer.

Most (64%) of the agents in the areas covered by LonRes expect house prices to fall this year.

x

Email the story to a friend



Comments are closed.

Thank you for signing up to our newsletter, we have sent you an email asking you to confirm your subscription. Additionally if you would like to create a free EYE account which allows you to comment on news stories and manage your email subscriptions please enter a password below.