19% of homes on the market in Tower Hamlets have had their prices cut

New research by property analysis firm Propcision suggests London’s housing market might have hit its peak.

Kensington and Chelsea were the worst-hit borough, with 33% of homes sold lower than average. Kingston-upon-Thames came second, with 30% of asking prices cut. Tower Hamlets is down the list with 19% of homes on the market with prices cut.

Michelle Ricci, Propcision’s co-founder said “The upward trend prime central London enjoyed for the past few years has started to show signs of resistance. This is typically associated with the start of correction although not necessarily a downward trend,”

“We feel the data suggests asking prices are holding steady with levels seen in the past six months. However, that said, there are particular areas of vulnerability that may start to show demonstrable evidence of a downward trend – most notably new-builds.”

Propcision pointed out that cutting asking prices didn’t necessarily equate to falling house prices – in many cases, house prices were actually static.

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Source: City A.M.