London's biggest January sale: huge property price drops across the capital — and why

Cadogan Court in Chelsea where a three-bedroom apartment has just been reduced by £400,000 - (Sotheby's International Realty)

January is a great time for bargains. There are discounts on clothes, shoes, electrical products, kitchens — and now on properties.

The property market saw its first wave of reductions at the end of 2024. According to data from Hamptons, sellers all over the country were willing to accept larger price cuts at the close of last year, with the median discount more than doubling from £2,000 between July and September to £5,000 between October and December.