Property transactions fall by over a fifth in London

The number of properties sold across prime London fell 21% in the last three months of last year, compared with the final quarter of 2015.

LonRes, the information and shared listing platform which covers all of central London plus a large number of other areas, says that by contrast there were 14% more properties let compared with the fourth quarter of 2015.

In newly published information, it says that 2016 was, however, “undoubtedly a difficult year for the prime London property market”.

Many buyers, it has reported, “chose to wait it out”.

Others negotiated an average of 9.3% off asking prices.

In the fourth quarter, 49% of properties sold had been reduced before finding a buyer.

Most (64%) of the agents in the areas covered by LonRes expect house prices to fall this year.

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Written by: Houseladder