Holland Park and Hyde Park Corner in London have both recorded significant price reductions, signalling how the top end of the market has become more affordable, analysis from Rentround has found.
Prices have fallen by around 24% since the first listing in Holland Park, based on 10 properties that have seen price cuts, while they’ve fallen by 23% at Hyde Park Corner – both prestigious areas of the city.
Other areas seeing price reductions of 22% are Cutbill Town, Blackwall, Kilburn and Kensington.
Raj Dosanjh, founder of Rentround, said: “The property market is on edge at the moment. The stamp duty holiday duration, end of furlough, Brexit and working from home practices are creating a real risk to London property prices and rental amounts.
“It’s unclear if the news from Halifax warrants panic at this stage, or if it’s just a blip. Nevertheless it’s another thing to worry about for London property owners & landlords.
“The price reductions appear to be centred towards the West & North West of London, which will worry property owners & landlords in those areas.
“In parallel to this news, January saw the highest number of London landlords using our platform to compare letting agents fees & services.
“Our data shows that guaranteed rent is a service in demand. Searches for this service increased by 22% over the last quarter, indicating landlords are looking to lock in some of their rental income.
“However many letting agents on Rentround have pulled back their guaranteed rent services, or increased their prices. Landlords looking to obtain the security this service provides in the midst of worker migrations out of london (which will impact rental income), may find it difficult.”
This post has originally been featured in Property Wire.