‘People are deserting it’: why are London mansions struggling to sell?
Source: The Guardian ·
For decades, the capital’s house prices raced ahead of the national average – but now they are falling in prime areasAn elegant Georgian facade, a full-width balcony and an exclusive address in South Kensington just steps from the Natural History Museum and the V&A. Yet the listing price of this west London flat at Queen’s Gate Gardens has dropped by nearly £1m since last year, to £4.4m.It is…
From the source
An elegant Georgian facade, a full-width balcony and an exclusive address in South Kensington just steps from the Natural History Museum and the V&A. Yet the listing price of this west London flat at Queen’s Gate Gardens has dropped by nearly £1m since last year, to £4.4m. It is far from an isolated case. A nearby house originally listed at £20m was slashed to £14m this year, says a local estate agent. In neighbouring Notting Hill, a stucco-fronted property that came to market two years ago at £16m is now being offered for less than £14m, they said. London’s premium property market is stuck in a rut. While borrowing costs and stretched affordability weigh on everyday buyers, the city’s richest residents are also making deep cuts to the prices of their multimillion-pound homes. This market is a world away from the rest of the UK property market – where the average house price was just under £275,000 in September, according to Nationwide. The well-heeled neighbourhoods also present a…