London house price growth outperforms Home Counties

A new prime property report from Investec reveals that houses in the Home Counties valued at over £1m have seen an average of £151,130 knocked off their asking prices since last summer. Analysis shows that sellers are having to drop their prices by 10% on average to attract buyers. It comes as homes in or close to London are back in demand as employers backtrack on work from home arrangements introduced in response to the pandemic. The Greater London area outperformed the home counties, with home owners selling £1m plus properties reducing their asking prices by 8.6% on average, taking £159,540 off the price tag. In West Sussex, where the average price of a £1m plus property is £1.49m, sellers knocked £187,805 off their asking prices on average - a reduction of 12.6%. Essex saw the second largest drop in asking prices for homes over £1m, with sellers knocking an average of £159,671 off their asking prices, a discount of 11.2%. 

Evening Standard (12/02/2024)