London homes now take 48 days to sell as discounts rise to 3.8%

London homes listed in June took 48 days on average to find a buyer, six days longer than in May and 11 days more than the June 2025 figure, while vendors cut asking prices by an average 3.8 per cent to secure offers.

The shift follows months of buyer caution tied to higher mortgage rates and uncertainty over global energy prices after recent tanker incidents in the Strait of Hormuz. Stamp duty changes that took effect in April have drawn buy-to-let investors back into the market, yet many are still negotiating hard on price before committing capital in Zones 4 and 5 where growth has been strongest along the Elizabeth Line corridor.

In Woolwich, flats near the Elizabeth Line station that sold in under 30 days last summer now sit for 55 days, with sellers accepting reductions of £15,000 on two-bedroom units priced at £475,000. Similar patterns appear in Barking, where new developments along the River Roding have seen agents record discounts of 4.5 per cent on units marketed through local offices of Foxtons and Savills.

Zone patterns and buyer segments

Premium stock in Zones 1-3 continues to move faster, with average days on market at 29 in Notting Hill and Marylebone, yet even there vendors have trimmed 2.1 per cent from guide prices on properties above £1.2 million. In outer boroughs the picture is sharper: three-bedroom houses in Zone 6 Enfield listed at £525,000 now carry average reductions of £22,000 after 62 days, according to data compiled by the London estate agency network Douglas & Gordon for the month ending 30 June 2026.

Rightmove figures released on 7 July show that 62 per cent of London listings priced between £400,000 and £600,000 carried price reductions in the past four weeks, up from 48 per cent in April. The same dataset records a 14 per cent rise in buy-to-let enquiries since the stamp duty threshold adjustment, concentrated on terraces in Walthamstow and Leytonstone.

Next steps for sellers and buyers

Vendors planning to list before the school holidays should set realistic asking prices within 2 per cent of recent sold prices on the same street rather than chasing 2024 peaks. Buyers with mortgage offers in place can target properties that have already been reduced once, particularly those marketed for more than 40 days in Zones 3 to 5. Agents at the Clapham and Greenwich branches of Chestertons report that offers at 96 per cent of asking price are now being accepted within a week when the property has already been discounted.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.