Wednesday 8 November 2017
An update on the Royal Borough
House prices in west London was actually one of the first blog posts post Brexit. Took a while for the new direction to take shape and indeed in the zone 2+ residential boroughs house prices seem to be going sideways or up due to the chronic shortage. A few rate hikes should put an end to that though.
Over half of todays 38 ads are price reductions. Im even getting email alerts in Surrey where over half the emil is price reductions.
Mouseprice, which is not comprehensive or 100% accurate, has 55 pages of reductions on 122 pages of 15 ads per page in the Royal Borough.
Here is a good example for a 3 bed flat in a period block:
20 Jul 17: Asking price reduced 9% to £2,950,000
17 Mar 17: Asking price reduced 6% to £3,250,000
03 Mar 17: Asking price reduced 10% to £3,450,000
28 Jul 16: Asking price reduced 9% to £3,850,000
25 Feb 16: Marketed at £4,250,000
The same property is listed with at least 5 agents on rigthmove, with one using the innovative sales angle of 'viewing advised'
The property previously sold but with a lease extension the valuation cant be compared.