Half of homes that changed hands in England and Wales last year sold after a price reduction, according to new data from Hamptons.
Its review of the 2023 property market found that only 22 per cent of London homes sold above asking price – down 11 per cent on the previous year. Only Wales saw a lower percentage of the ten regions surveyed.
While a wave of multi-million pound price cuts on London mansions hit the headlines in the autumn, January tends to see the deepest discounts at more pedestrian price tags from sellers that fail to get deals over the line before the end of the year.
And this year looks set to offer even bigger discounts than usual for those who can get a mortgage in place.
Here are ten London homes with hefty price cuts, from a Spitalfields flat down £100k to Notting Hill and Maida Vale townhouses now well under a million.
Streatham, SW16
Was £1.15m, now £950,000
A four-bedroom Thirties semi a stone's throw from the Common's Rookery Gardens. As well as a generous garden, perks include off-street parking, a utility room and a third reception room.
Jacksons, 020 8677 9900
Acton, W3
Was £750,000, now £530,000
This modern mews-style house sits within a gated development two minutes from Acton Central station. There are three bedrooms, a second WC downstairs and a surprise roof terrace.
Marsh & Parsons, 020 8102 0123
Southwark, SE1
Was £625,000, now £500,000
A bright one-bedroom flat with a balcony in a small newly-built scheme within walking distance of Southwark Tube and Waterloo. It's also within striking distance of the South Bank's pubs and culture hubs.
Kinleigh Folkard & Hayward, 020 3907 3695
Notting Hill, W10
Was £1.1m, now £875,000
A newly modernised three-bedroom, three-bathroom townhouse tucked away on a turning off Latimer Road, on the border with Ladbroke Grove. There are several Tube stations in range and no onward chain.
Fletchers, 020 7603 1415
Colliers Wood, SW19
Was £995,000, now £735,000
This almost 1,500 square foot family home has three bedrooms and bathrooms, plus a plumbed-in garden studio. It's within easy walking distance of the Northern Line from Colliers Wood Tube and is being sold chain-free.
Foxtons, 020 3897 9998
Maida Vale, W9
Was £1m, now £795,000
A four-double bedroom house with garden, close to the canal and ten minutes from the Tube. There's well over 1,000 square feet of space here, though some modernisation is required.
Foxtons, 020 3907 9916
Bloomsbury, WC1H
Was £850,000, now £700,000
Occupying the ground floor of a smart Georgian terrace, this two-bedroom apartment includes a decked patio garden with built-in planters. You're in the heart of it here, with quick access to King’s Cross station.
Frank Harris & Co, 020 7405 4444
East Ham, E6
Was £400,000, now £300,000
This blank canvas two-bedroom house has a decent garden, good storage and no onward chain. It also offers swift access to local green spaces, including Central Park and Flanders Playing Fields.
Purple Bricks, 020 3889 9017
Brockley, SE4
Was £600,000, now £450,000
This compact two-bedroom house with off-street parking sits within a quiet cul-de-sac on the border of Brockley and St Johns. It's in need of cosmetic updates throughout but the rooms are well-proportioned.
Mann, 020 3869 4075
Spitalfields, E1
Was £550,000, now £450,000
Ideal for City workers, this one-bedroom flat is minutes from Liverpool Street station and Spitalfields Market. The reception is a good size and the bedroom includes built-in storage, though it could all do with some updating.
