Property investors snap up discounted London homes

Falling London prices are causing property investors to snap up homes at discounts, an independent estate agent has said.

In its regular look at the capital’s market, Kinleigh Folkard and Hayward said there has been “slight increase in activity”.

Sales had fallen in London and values had also slumped in the city, which previously seemed impervious to dips affecting other areas.

Buyers with big deposits to spend were among investors who now had factors on their side, the firm said.

Danny Hardy from the company said:

“Keen buyers with significant deposits are taking advantage of their strong position and the continued adjustment to house prices by making discounted offers.

“These offers are now being accepted by motivated sellers who are generally keen to consider all sensible offers.”

He added more transactions were expected later this month as people return from summer holidays.

The firm’s report looked at separate areas of the capital, and noted Bromley was an area which was seeing high demand for homes priced between £200,000 and £250,000.

Elsewhere, the government’s decision to axe stamp duty for a period is having little affect as many homes come in a price bracket above the ceiling set by ministers.

Kennington is one area untouched by the change, where homes are generally valued above the £175,000 limit.

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