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The best London boroughs to secure a discounted property purchase

The latest property market analysis by London lettings and estate agent, Benham and Reeves, has revealed which boroughs currently offer the best chance for the capital’s homebuyers to secure a property at a reduced price.

While London may be trailing the rest of the UK in terms of topline property price appreciation, recent research by Benham and Reeves found that the capital’s homesellers are now achieving a higher percentage of asking price when compared to the start of the year, as momentum starts to build across the London market. 

However, sellers are remaining realistic about their price expectations in current market conditions. This means there are plenty of homes selling at a reduced price compared to the initial asking price they first entered the market at.

Across London as a whole, 31% of homes listed for sale have seen a reduction in asking price while on the market.

Lambeth provides the best chance of securing a discounted London property in current market conditions, with 38% of property stock listed for sale in the borough having seen a reduction in asking price.

Hammersmith and Fulham also presents a good opportunity of finding a discounted purchase, with 37% of all homes seeing a downward adjustment in asking price.

Camden, Kensington and Chelsea and Wandsworth have also seen 36% of homes reduce in price, with Southwark (35%), Westminster (34%), Merton (34%), Richmond (34%) and Tower Hamlets (34%) also making the top 10.

In contrast, just 18% of homes in Barking and Dagenham have had the asking price reduced, the lowest proportion of all London boroughs.

Director of Benham and Reeves, Marc von Grundherr, commented:

“While much of the UK is very much a seller’s market at present, it’s a fantastic time to be a buyer in London.

House prices haven’t skyrocketed as a result of the stamp duty holiday in the same way they have in other more affordable regions and the pandemic has continued to have an influence on buyer demand levels, particularly across the capital’s more central boroughs.

This has been largely down to a reduction in foreign buyer demand due to travel restrictions and the trend of remote working seen during lockdown restrictions.

As a result, many sellers have had to adjust their price expectations in order to secure a buyer but if you do want to secure a discounted purchase, you had better be quick. As London has gradually reopened the property market has quietly been building momentum and we’re now starting to see properties sell for a far better price than they were just a few months ago.”

Table shows total stock listed in each borough and the percentage of stock that has seen a reduction in asking price while on the market.

Location Total stock Price reduced Price reduced stock %
Lambeth 4,776 1,801 38%
Hammersmith and Fulham 2,891 1,075 37%
Camden 3,629 1,306 36%
Kensington and Chelsea 4,518 1,611 36%
Wandsworth 6,208 2,208 36%
Southwark 3,643 1,282 35%
Westminster 6,461 2,200 34%
Merton 2,561 872 34%
Richmond upon Thames 2,876 969 34%
Tower Hamlets 5,013 1,685 34%
Islington 3,694 1,209 33%
Haringey 2,615 852 33%
Hillingdon 3,791 1,231 32%
Hounslow 3,060 983 32%
Lewisham 3,741 1,186 32%
Kingston upon Thames 2,421 764 32%
Harrow 2,636 820 31%
Ealing 4,501 1,393 31%
Brent 4,253 1,298 31%
Croydon 4,812 1,458 30%
Newham 2,552 754 30%
Hackney 2,698 784 29%
Redbridge 2,163 615 28%
Barnet 5,452 1,531 28%
Greenwich 2,965 826 28%
Bromley 3,365 909 27%
Sutton 2,125 549 26%
Waltham Forest 2,467 637 26%
City of London 425 106 25%
Enfield 2,727 677 25%
Bexley 2,204 492 22%
Havering 2,631 575 22%
Barking and Dagenham 906 167 18%
London 110,780 34,825 31%
Data on price reduced properties sourced from Zoopla (29th/07/2021)
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About the Author

Established in 1958, Benham and Reeves is one of London’s oldest, independently owned property lettings and sales agents. With specialism in residential sales, corporate lettings and property management in prime areas of London, the company operates from eighteen prominently located branches and five international offices.

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