More than half of prime homes sold at a discount

Some 56% of homes in prime London underwent a price reduction before their sales in Q4 2018. This compared to 49% of properties sold at a reduced price in the same period in 2017, according to LonRes. Its London Residential Review for winter 2018 reported an average price of £1,175 per sq ft, down by 5.7% from the previous year. Concerns over the UK economy and impact on house prices has led to a slowing of the market, driving down transactions and prices, said LonRes. The gap between asking prices and achieved prices rose to 11.6%, up from 10.1% the