The world’s leading high-net-worth mortgage broker, Enness Global, has revealed which pockets of the prime London market are home to the best chance of a discounted property purchase for high-net-worth homebuyers.
Enness Global looked at current property stock levels across London’s most prestigious neighbourhoods for homes at £3m and above, before highlighting what percentage of these homes have seen the priced reduced in order to secure a buyer.
The research shows that across London, 21% of all properties listed at £3m or above have seen a reduction in price.
Maida Vale currently offers the best chance for HNW homebuyers to secure a bargain in London’s high-end market. 38% of the homes currently listed for sale at £3m or above in the area have seen the price reduced.
Hampstead, St James’s and Pimlico also rank high, with 31% of all prime property stock listed across these areas having seen a price reduction.
Kensington, South Kensington, Regents Park, Victoria, Westminster and Bayswater also rank within the top 10 for the largest percentage of homes above £3m to have seen the price dropped in current market conditions.
However, you won’t find many prime properties priced to sell in Soho. Of all stock listed above £3m in the area, just 6% have seen the asking price dropped, while Fitzrovia has seen just 9% of £3m+ homes reduced in price.
Group CEO of Enness Global Mortgages, Islay Robinson, commented:
“The prime London market is becoming increasingly popular at present, particularly amongst foreign buyers looking to pick up a relative bargain in current market conditions.”
“A combination of Brexit uncertainty and the current pandemic has seen many sellers reduce their asking price expectations in order to secure a sale.”
“When you couple this with the current stamp duty savings on offer and the weaker pound, the prime London market presents a very attractive option at present.”
“Of course, not everywhere presents a property discount and those with the smallest percentage of price-reduced properties indicate where the London market is currently at its hottest where high-end homebuyer demand is concerned.”
Table shows the percentage of total stock at £3m+ that has seen the asking price reduced | |
Location | Reduced Asking Price Stock Availability |
Maida Vale | 38% |
Hampstead | 31% |
St James’s | 31% |
Pimlico | 31% |
Kensington | 30% |
South Kensington | 29% |
Regents Park | 29% |
Victoria | 28% |
Westminster | 28% |
Bayswater | 27% |
St John’s Wood | 24% |
Primrose Hill | 23% |
Fulham | 23% |
Holland Park | 23% |
Knightsbridge | 22% |
Mayfair | 21% |
Notting Hill | 21% |
Belgravia | 20% |
Clapham | 20% |
Chiswick | 20% |
Chelsea | 19% |
Barnet | 19% |
Earl’s Court | 18% |
Richmond | 18% |
Highgate | 18% |
Wimbledon | 16% |
Hammersmith | 16% |
Barnes | 16% |
Wandsworth | 15% |
Putney | 14% |
Marylebone | 13% |
Islington | 12% |
Battersea | 11% |
King’s Cross | 10% |
Fitzrovia | 9% |
Soho | 6% |
London | 21% |
Data sourced from Rightmove and Zoopla property listings in each area at £3m and above |
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