Homeowners told to be ‘realistic’ about asking prices

14 March 2023

The Daily Telegraph 

Property buyers in "prime" London are putting in offers almost 10pc below the asking price. 

Buyers of high-value London homes are now shaving 8.4pc off their bids, up from 4.7pc in July last year, according to property analysts LonRes.  

House prices in prime London fell 2.8pc during the past 12 months and are just 1.7pc above their pre-pandemic levels. 

Activity among high value homes in the capital can be used as a bellwether for the wider market.  

The average discount for homes sold in under three months was 3.5pc, but this rises to 14.5pc for properties taking more than a year to sell. For those selling within six to 12 months, the discount was 7.3pc 

Last September, the discount for properties selling in under three months was just 1.7pc.

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