UK City workers slash prices of homes for sale

December 4, 2008 by OPPE News

photo credit: Wolfiewolf
Prices of investment property homes in parts of London could be dropping, according to an estate agent’s review of pads for city workers.

Cluttons said some are “pricing to sell”, bringing an increase in sales in areas with strong transport links to the capital’s financial district.

Shad Thames, Wapping, Battersea and Clapham are all seeing an increase in activity, with owners apparently looking to sell up quickly.

Cluttons said the trend could be down to the business acumen of sellers who are keen to strengthen their finances.

Richard Cotton of Cluttons said:

“These sellers are realistic about pricing their home for a fast sale, at as much as 25 per cent lower than the peak price of August 2007.

“They are prepared to accept a lower price in order to shore up their finances, while the rest of the market is still waiting to see what happens.”

The sudden reductions could also be due to city workers being “more used to the trading culture” Cluttons added.

Prices in some parts of London have begun to slide after values in the capital initially held firm compared to the rest of the UK.

Last month analysts Knight Frank said prime units in London were falling in price, having dropped 3.9 per cent in October.