Recent data has revealed a fall in the number of homes sold in London’s priciest postcodes.
According to Lonres, transactions in prime areas saw a drop of 3.6% compared to 2016, with the decline in the activity being even steeper for properties valued under £2 million.
The data also suggested that prospective buyers in the city are taking longer to consider their options before committing to buy. As well as a rise in the number of viewings, the figures from the research also observed an increase in the amount of time a property spent on the market.
Perhaps the most notable increase was in the proportion of properties withdrawn from the market; compared to 2016, the number rose by 60%.
According to Lonres, the most commonly cited reason for this was being unable to come to an agreement on price.
