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The world’s leading high-net-worth mortgage broker, Enness Global, has revealed which pockets of the prime London market are home to the best chance of a discounted property purchase for high-net-worth homebuyers.

Enness Global looked at current property stock levels across London’s most prestigious neighbourhoods for homes at £3m and above, before highlighting what percentage of these homes have seen the priced reduced in order to secure a buyer.

The research shows that across London, 21% of all properties listed at £3m or above have seen a reduction in price.

Select Property – MPU

Maida Vale currently offers the best chance for HNW homebuyers to secure a bargain in London’s high-end market. 38% of the homes currently listed for sale at £3m or above in the area have seen the price reduced.

Hampstead, St James’s and Pimlico also rank high, with 31% of all prime property stock listed across these areas having seen a price reduction.

Kensington, South Kensington, Regents Park, Victoria, Westminster and Bayswater also rank within the top 10 for the largest percentage of homes above £3m to have seen the price dropped in current market conditions.

However, you won’t find many prime properties priced to sell in Soho. Of all stock listed above £3m in the area, just 6% have seen the asking price dropped, while Fitzrovia has seen just 9% of £3m+ homes reduced in price.

Group CEO of Enness Global Mortgages, Islay Robinson, commented:

“The prime London market is becoming increasingly popular at present, particularly amongst foreign buyers looking to pick up a relative bargain in current market conditions.”

“A combination of Brexit uncertainty and the current pandemic has seen many sellers reduce their asking price expectations in order to secure a sale.”

“When you couple this with the current stamp duty savings on offer and the weaker pound, the prime London market presents a very attractive option at present.”

“Of course, not everywhere presents a property discount and those with the smallest percentage of price-reduced properties indicate where the London market is currently at its hottest where high-end homebuyer demand is concerned.”

Table shows the percentage of total stock at £3m+ that has seen the asking price reduced
Location Reduced Asking Price Stock Availability
Maida Vale 38%
Hampstead 31%
St James’s 31%
Pimlico 31%
Kensington 30%
South Kensington 29%
Regents Park 29%
Victoria 28%
Westminster 28%
Bayswater 27%
St John’s Wood 24%
Primrose Hill 23%
Fulham 23%
Holland Park 23%
Knightsbridge 22%
Mayfair 21%
Notting Hill 21%
Belgravia 20%
Clapham 20%
Chiswick 20%
Chelsea 19%
Barnet 19%
Earl’s Court 18%
Richmond 18%
Highgate 18%
Wimbledon 16%
Hammersmith 16%
Barnes 16%
Wandsworth 15%
Putney 14%
Marylebone 13%
Islington 12%
Battersea 11%
King’s Cross 10%
Fitzrovia 9%
Soho 6%
London 21%
Data sourced from Rightmove and Zoopla property listings in each area at £3m and above
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