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As Brexit uncertainty continues London property owners are dropping asking prices ahead of the announced October 31st deadline for leaving the EU.
Online estate agent Nested have revealed new data showing that London property prices are dropping, and now might be a good time to buy as there are as much as £2 billion potential savings to be had.
More than a quarter (29 per cent) of London property owners have dropped their asking price on the market ahead of Brexit on the 31st October.
Across the capital, Westminster (£402 million), Kensington & Chelsea (£216 million) and Camden (£114 million) have seen the biggest price reductions in London property prices.
More than one in ten (11 per cent) of properties currently for sale in London (12,078) have had a price drop of more than £37,800 – which equals the average annual London salary.
Key areas to see a property price reduction of over £30,000 include Westminster (1,315) Kensington & Chelsea (930), Wandsworth (769), Camden (586) and Tower Hamlets (542).
Throughout London, there are currently (18 per cent) 19,699 properties for sale with a price drop of more than 10 per cent. Areas which offer the biggest savings for potential London property buyers and investors ahead of the Brexit deadline include Westminster (1,341) Barnet (1,039), Tower Hamlets (974), Kensington & Chelsea (829) and Ealing (778).
Property expert at Nested, Jamie Salisbury, said: ‘Amid this endless uncertainty and gloom there are great opportunities out there for buyers if they’re bold enough to seize them. This is particularly true for homeowners who are trading up, presenting an opportunity to buy a new home that might otherwise have been out of reach.’
He continued: ‘With money still relatively cheap to borrow and prices falling, buyers can realistically snap up properties they couldn’t have afforded in a stronger market.’