Central London homes are undergoing a wave of discounting as sellers give up on their previous asking prices after the Brexit vote.
The number of cuts to asking prices surged by 163 per cent in the 12 days following the referendum compared with the 12 days beforehand, according to figures from LonRes, a research firm.
However, the cuts have failed to stimulate more sales: completions fell by 18 per cent from before the referendum, and were down 43 per cent on a year earlier, in the capital’s 30 most central postal districts. Homes under offer also declined, dropping 32 per cent from the pre-referendum period to the days afterwards, according to the figures, which are among the first to reflect the impact of the Brexit vote.
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