Economics
London Home Price Cuts Seep Outwards as Sellers Get Real
- Market slump took longer to hit cheaper outer boroughs
- Kensington and Chelsea, Westminster had deepest reductions
Properties in the Borough of Kensington and Chelsea
Photographer: Luke MacGregor/Bloomberg
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Discounts on London homes are creeping out further from the center as prices remain out of reach for many people and uncertainty surrounding Brexit starts to damp demand for homes in the capital’s cheaper neighborhoods.
“Vendors in outer boroughs are catching up and becoming more realistic about pricing,” said Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors. “There’s been a shift of power from seller to buyer and it looks as if it will stay that way for some time.”