Luxury London home sellers cut asking prices

17 August 2023


Britain's intensifying mortgage crunch is now forcing London's wealthiest home sellers to agree to discounts or risk deals falling through. The number of price reductions for deals worth 5 million ($6.4 million) or more almost doubled in the year through July, compared with the same period in 2022, according to a report by researcher LonRes.

The data also showed transaction volumes in London's prime property market which includes the capitals most affluent postcodes dropped by more than a quarter in July, compared with the same month a year earlier

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