London Sellers Slash Prices as Homes Linger 30% Longer on Market

Properties listed in London took an average of 47 days to agree a sale in the four weeks to 5 July, up from 34 days in the same period last year, while the typical vendor discount widened to 4.2 per cent from 2.9 per cent.

The change follows the return of buy-to-let investors after April’s stamp duty threshold adjustment, which has lifted the number of rental-focused listings in outer zones while buyer caution persists in the premium segments.

Elizabeth Line corridor sees slower sales

In Woolwich, flats within 400 metres of the Elizabeth Line station now sit on the market for 51 days on average, according to listings tracked by Foxtons. Further out at Abbey Wood, similar two-bedroom units have required cuts averaging £18,000 to secure offers, with several properties originally priced at £425,000 now under offer at £407,000. Local agents report that the influx of investor stock has lengthened negotiation periods as first-time buyers compete less aggressively.

Central zones record deeper cuts

Further west, vendors on streets around Marylebone High Street have trimmed asking prices by an average of 5.1 per cent, with one three-bedroom terrace on Devonshire Street reduced from £2.15 million to £2.04 million after 62 days. Data compiled by Savills shows Zone 1-3 stock now accounts for 28 per cent of all discounted listings, up from 19 per cent in March. Average London house prices sit at £512,000, little changed from the £509,000 recorded at the end of May.

Buyers who can move quickly are advised to review recent reductions on Rightmove within the next fortnight, particularly along the Elizabeth Line stops between Whitechapel and Shenfield, before the summer holiday period further slows viewings.